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Persistent link: https://www.econbiz.de/10005685484
Auction theory has recently revealed that multi-unit uniform-price auctions, such as those used by the U.S. Treasury for debt sales, entail demand-reduction incentives that can cause inefficient allocations. Recent experimental results show that bidders do indeed strategically reduce their bids...
Persistent link: https://www.econbiz.de/10005685495
Persistent link: https://www.econbiz.de/10010580376
Auction theory has recently revealed that multi-unit uniform-price auctions, such as those used by the U.S. Treasury for debt sales, entail demand-reduction incentives that can cause inefficient allocations. Recent experimental results show that bidders do indeed strategically reduce their bids...
Persistent link: https://www.econbiz.de/10011038706
My coauthors and I reply to the comments of Daniel Levin on our paper "Demand Reduction in Multiunit Auctions: Evidence from a Sportscard Field Experiment." In his comment, Levin presents new theory and proposes a new equilibrium to explain annomalies reported in our earlier sportscard auction,...
Persistent link: https://www.econbiz.de/10011038708