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An experimental approach is used to examine the performance of three different multi-unit auction designs: discriminatory, uniform-price with fixed supply, and uniform-price with endogenous supply. We find that the strategies of the individual bidders and the aggregate demand curves are...
Persistent link: https://www.econbiz.de/10011599301
The paper characterizes the mixed-strategy equilibria in all-pay auctions with endogenous prizes that depend positively on own effort and negatively on the effort of competitors. Such auctions arise naturally in the context of investment games, lobbying games, and promotion tournaments. We also...
Persistent link: https://www.econbiz.de/10003892457
likely to affect the bidding behavior in first-price (but not second-price) auctions. We test experimentally a setup in which …
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valuations. We test our theoretical predictions in the laboratory and find low initial levels of equilibrium play but substantial …
Persistent link: https://www.econbiz.de/10011407610
Multi-unit auctions are sometimes plagued by the so-called exposure problem. In this paper, we analyze a simple game called the chopstick auction' in which bidders are confronted with the exposure problem. We analyze the chopstick auction with incomplete information both in theory and in a...
Persistent link: https://www.econbiz.de/10011599133
favorable tie-breaking rules can reduce the discouragement effect and increase the designer's revenue. We test these predictions …
Persistent link: https://www.econbiz.de/10011473887
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