Showing 71 - 80 of 13,224
With this study, we contribute to the literature of auction design by presenting a new auction format: the Candle auction, a popular auction in the Middle Ages. Considering a common value framework, we theoretically and experimentally point out that the Candle auction, where bidding is allowed...
Persistent link: https://www.econbiz.de/10005004089
We analyze a repeated first-price auction in which the types of the players are determined before the first round. It is proved that if every player is using either a belief-based learning scheme with bounded recall or a generalized fictitious play learning scheme, then for sufficiently large...
Persistent link: https://www.econbiz.de/10005062361
We examine an environment where goods and privately informed buyers arrive stochastically to a market. A seller in this setting faces a sequential allocation problem with a changing population. We characterize the set of incentive compatible allocation rules and provide a generalized revenue...
Persistent link: https://www.econbiz.de/10005019437
Spectrum auctions are multiple-unit auctions where the objects auctioned are not necessarily identical. It is shown that the requirement of independent bids in such auction can prevent the existence of pure strategy equilibria (which implies inefficiency). Thus, we suggest that spectrum auctions...
Persistent link: https://www.econbiz.de/10005582165
We study tacit collusion in repeated auctions in which bidders can only observe pastwinners and not their bids. We adopt a stringent interpretation of tacit collusion ascollusion without communication about strategies that we model as a symmetryrestriction on repeated game strategies: Strategies...
Persistent link: https://www.econbiz.de/10005772878
Sponsored search advertising is ascendant---Jupiter Research reports expenditures rose 28% in 2007 to $8.9B and will continue to rise at a 15% CAGR, making it one of the major trends to affect the marketing landscape. Yet little, if any empirical research focuses upon search engine marketing...
Persistent link: https://www.econbiz.de/10005622736
We study the alternating-offer bargaining problem of sharing a common value pie under incomplete information on both sides and no depreciation between two identical players. We characterise the essentially unique perfect Bayesian equilibrium of this game which turns out to be in gradually...
Persistent link: https://www.econbiz.de/10005739683
We apply stochastic stability to study the evolution of bidding behaviour in private-value second-price, first-price and k-double auctions. The learning process has a strong component of inertia but with a small probability, the bids are modified in the direction of ex-post regrets. We identify...
Persistent link: https://www.econbiz.de/10005611897
We model new experience goods in the context of dynamic mechanism design. These are goods for which an agent is unsure of her valuation but can learn it through consumption experience. We consider a dynamic environment with a single buyer and seller in which contracting occurs over T periods,...
Persistent link: https://www.econbiz.de/10005619380
We study the alternating-offers bargaining problem of assigning an indivisible and commonly valued object to one of two players in return for some payment among players. The players are asymmetrically informed about the object’s value and have veto power over any settlement. There is no...
Persistent link: https://www.econbiz.de/10005785835