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An Externality-Robust Auction: Theory and Experimental Evidence
Bartling, Björn; Netzer, Nick - CESifo - 2014
An auction is externality-robust if unilateral deviations from equilibrium leave the other bidders’ payoffs unaffected. The equilibrium and its outcome will then persist if certain types of externalities arise between bidders. One example are externalities due to spiteful preferences, which...
Persistent link: https://www.econbiz.de/10010877664
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Risk Aversion and Optimal Reserve Prices in First and Second-Price Auctions
Hu, Audrey; Matthews, Steven A.; Zou, Liang - Department of Economics, University of Pennsylvania - 2009
This paper analyzes the effects of buyer and seller risk aversion in first and second-price auctions. The setting is … to optimally set the reserve price. In both auctions the seller’s optimal reserve price is shown to decrease in his own … of both auctions, and especially that of the first-price auction. The seller’s optimal reserve price in the first …
Persistent link: https://www.econbiz.de/10004961261
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Risk Aversion and Optimal Reserve Prices in First and Second-Price Auctions, Second Version
Hu, Audrey; Matthews, Steven A.; Zou, Liang - Department of Economics, University of Pennsylvania - 2009
This paper analyzes the effects of buyer and seller risk aversion in first and second-price auctions. The setting is … to optimally set the reserve price. In both auctions the seller’s optimal reserve price is shown to decrease in his own … of both auctions, and especially that of the first-price auction. The seller’s optimal reserve price in the first …
Persistent link: https://www.econbiz.de/10008493140