On absolute auctions and secret reserve prices
Philippe Jehiel
(1, 2)
,
Laurent Lamy
(1, 2)
Philippe Jehiel
- Fonction : Auteur
- PersonId : 1151454
Laurent Lamy
- Fonction : Auteur
- PersonId : 1332977
- IdRef : 245401423
Résumé
From a theory viewpoint, the use of auctions with zero public reserve prices, also called absolute auctions, or of auctions with secret reserve prices, is somewhat puzzling despite being common. By allowing that buyers differ in their processing of past data regarding how the participation rate varies with the auction format and how reserve prices are distributed when secret, we show in a competitive environment that these auction formats may endogenously emerge. We also analyze how buyers with various sophistications and sellers with various costs sort into the different formats, thereby offering a range of testable predictions. Alternative approaches are reviewed.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Résumé |
en
From a theory viewpoint, the use of auctions with zero public reserve prices, also called absolute auctions, or of auctions with secret reserve prices, is somewhat puzzling despite being common. By allowing that buyers differ in their processing of past data regarding how the participation rate varies with the auction format and how reserve prices are distributed when secret, we show in a competitive environment that these auction formats may endogenously emerge. We also analyze how buyers with various sophistications and sellers with various costs sort into the different formats, thereby offering a range of testable predictions. Alternative approaches are reviewed.
|
Titre |
en
On absolute auctions and secret reserve prices
|
Auteur(s) |
Philippe Jehiel
1, 2
, Laurent Lamy
1, 2
1
PSE -
Paris-Jourdan Sciences Economiques
( 139754 )
- 48 boulevard Jourdan 75014 Paris
- France
2
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
|
Date de publication |
2015-05
|
Audience |
Internationale
|
Comité de lecture |
Oui
|
Vulgarisation |
Non
|
Langue du document |
Anglais
|
Nom de la revue |
|
Volume |
46
|
Numéro |
2
|
Page/Identifiant |
241-270
|
Public visé |
Scientifique
|
Sous-type de document pour les Articles |
Research article
|
Domaine(s) |
|
Financement |
|
Voir aussi |
|
Mots-clés (JEL) |
|
Mots-clés |
en
secret reserve prices
|
DOI | 10.1111/1756-2171.12085 |
ProdINRA | 312606 |
UT key WOS | 000353455400002 |
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