Auctions versus Posted-Price Selling
AbstractTwo popular selling methods--posted-price selling and auctions--are compared here in an independent private-values model. Without auctioning costs, auctioning is always optimal. When auctioning is costly, auctions are still preferable if the marginal-revenue curve is sufficiently steep. The global steepness of the marginal-revenue curve is found to coincide with the dispersion around the mean for a number of standard distributions. Finally, the prices of the monopoly seller and of the social optimum are compared. Copyright 1993 by American Economic Association.
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Bibliographic InfoArticle provided by American Economic Association in its journal American Economic Review.
Volume (Year): 83 (1993)
Issue (Month): 4 (September)
Other versions of this item:
- Ruqu Wang, 1991. "Auctions Versus Posted-Price Selling," Working Papers, Queen's University, Department of Economics 812, Queen's University, Department of Economics.
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