Cramton, Peter; Filiz-Ozbay, Emel; Ozbay, Erkut; … - University of Maryland, Department of Economics - Peter … - 2010
We analyze the implications of different pricing rules in discrete clock auctions. The two most common pricing rules are highest-rejected bid (HRB) and lowest-accepted bid (LAB). Under HRB, the winners pay the lowest price that clears the market; under LAB, the winners pay the highest price that...