Kagel, John H.; Lien, Yuanchuan; Milgrom, Paul - In: American Economic Journal: Microeconomics 2 (2010) 3, pp. 160-85
We use theory and experiment to explore the performance of multi-round, price-guided, combinatorial auctions. We define efficiency-relevant and core-relevant packages and show that if bidders bid aggressively on these and losing bidders bid to their limits, then the auction leads to efficient or...