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Designing Multi-unit Multiple Bid Auctions: An Agent-based Computational Model of Uniform, Discriminatory and Generalised Vickrey Auctions

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  • ATAKELTY HAILU
  • SOPHIE THOYER

Abstract

Multi-unit auctions are being used by public agencies to allocate resources and to purchase services. These auctions resolve the lumpy bid problem inherent in single-bid auctions by allowing bidders to submit a supply or demand schedule. However, the choice of pricing formats for multi-unit auctions is controversial. Neither economic theory nor laboratory experiments depict a complete picture of how alternative pricing formats perform in terms of budgetary or allocative efficiency. This paper constructs an agent-based computational model to compare uniform, discriminatory and generalised Vickrey pricing formats under different degrees of competition and heterogeneity in the bidder population. Copyright © 2007 The Economic Society of Australia.

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Bibliographic Info

Article provided by The Economic Society of Australia in its journal Economic Record.

Volume (Year): 83 (2007)
Issue (Month): s1 (09)
Pages: S57-S72

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Handle: RePEc:bla:ecorec:v:83:y:2007:i:s1:p:s57-s72

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Cited by:
  1. Azadeh, A. & Skandari, M.R. & Maleki-Shoja, B., 2010. "An integrated ant colony optimization approach to compare strategies of clearing market in electricity markets: Agent-based simulation," Energy Policy, Elsevier, vol. 38(10), pages 6307-6319, October.
  2. Iftekhar, M.S. & Tisdell, J.G. & Connor, J.D., 2013. "Effects of competition on environmental water buyback auctions," Agricultural Water Management, Elsevier, vol. 127(C), pages 59-73.
  3. Atakelty Hailu & Sophie Thoyer, 2010. "What Format for Multi-Unit Multiple-Bid Auctions?," Computational Economics, Society for Computational Economics, vol. 35(3), pages 189-209, March.
  4. Laura Brown & Elizabeth Troutt & Cynthia Edwards & Brian Gray & Wanjing Hu, 2011. "A Uniform Price Auction for Conservation Easements in the Canadian Prairies," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 50(1), pages 49-60, September.

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