Goeree, Jacob K.; Offerman, Theo; Sloof, Randolph - C.E.P.R. Discussion Papers - 2005
Multi-unit ascending auctions allow for equilibria in which bidders strategically reduce their demand and split the market at low prices. At the same time, they allow for pre-emptive bidding by incumbent bidders in a coordinated attempt to exclude entrants from the market. We consider an...