Lambson, Val; Thurston, Norman K - In: RAND Journal of Economics 37 (2006) 1, pp. 70-80
We develop a model that incorporates salient features of the Seattle Fur Exchange: identical lots of furs are auctioned sequentially, bids must be raised by specified increments, and the winner of a lot has the privilege of beginning the bidding on the subsequent lot. Predictions of the theory...