Betz, Regina, Greiner, Ben, Schweitzer, Sascha, Seifert, Stefan. 2017. Auction Format and Auction Sequence in Multi-item Multi-unit Auctions: An Experimental Study. Economic Journal 127 (605), 351-371.
BibTeX
Abstract
We experimentally study the effect of auction format (sealed-bid versus closed clock versus open clock) and auction sequence (simultaneous versus sequential) on bidding behaviour and auction outcomes in auctions of multiple related multi-unit items. Prominent field applications are the sale of emission permits, fishing rights, and electricity. We find that, when auctioning simultaneously, clock auctions outperform sealed-bid auctions in terms of efficiency and revenues. This advantage disappears when the items are auctioned sequentially. In addition, auctioning sequentially has positive effects on total revenues across all auction formats, resulting from fiercer competition on the item auctioned first.
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Status of publication | Published |
---|---|
Affiliation | WU |
Type of publication | Journal article |
Journal | Economic Journal |
Citation Index | SSCI |
WU Journalrating 2009 | A+ |
Starjournal | Y |
Language | English |
Title | Auction Format and Auction Sequence in Multi-item Multi-unit Auctions: An Experimental Study |
Volume | 127 |
Number | 605 |
Year | 2017 |
Page from | 351 |
Page to | 371 |
Reviewed? | Y |
DOI | http://dx.doi.org/10.1111/ecoj.12403 |
Associations
- People
- Greiner, Ben (Details)
- External
- Betz, Regina (Zürcher Hochschule für Angewandte Wissenschaften (ZHAW), Switzerland)
- Schweitzer, Sascha (Universität Bayreuth, Germany)
- Seifert, Stefan (Universität Bayreuth, Germany)
- Organization
- Institute for Markets and Strategy IN (Details)
- Competence Center for Experimental Research WE (Details)
- Research areas (ÖSTAT Classification 'Statistik Austria')
- 5307 Business and management economics (Details)