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Experiments Testing Multiobject Allocation Mechanisms

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  • John O. Ledyard
  • David Porter
  • Antonio Rangel

Abstract

This paper reports the results of over 130 auctions conducted under controlled conditions to examine the robustness of several auction mechanisms to allocate multiple objects. The simultaneous discrete auction process used by the Federal Communications Commission to allocate Personal Communications licenses was contrasted with a sequential auction and a combinatorial auction over a variety of demand conditions. In test environments created to check only the minimum competency of the procedures, the simultaneous discrete auction process produces highly efficient allocations, approaching levels similar to those found with a continuous form of the auction, and it outperforms a sequential auction. However, in environments created to stress test the procedures, a combinatorial auction outperforms the simultaneous discrete auction. Copyright (c) 1997 Massachusetts Institute of Technology.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Economics & Management Strategy.

Volume (Year): 6 (1997)
Issue (Month): 3 (09)
Pages: 639-675

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Handle: RePEc:bla:jemstr:v:6:y:1997:i:3:p:639-675

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Web page: http://www.kellogg.northwestern.edu/research/journals/JEMS/

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Cited by:
  1. Bernard, John C. & Mount, Timothy D. & Schulze, William D., 1998. "Alternative Auction Institutions For Electric Power Markets," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 27(2), October.
  2. Alejandro Manelli & Martin Sefton & Benjamin Wilner, . "Multi-Unit Auctions: A Comparison of Static and Dynamic Mechanisms," Working Papers 2132867, Department of Economics, W. P. Carey School of Business, Arizona State University.
  3. Banks, Jeffrey & Olson, Mark & Porter, David & Rassenti, Stephen & Smith, Vernon, 2003. "Theory, experiment and the federal communications commission spectrum auctions," Journal of Economic Behavior & Organization, Elsevier, vol. 51(3), pages 303-350, July.
  4. David Lucking-Reiley & John A. List, 2000. "Demand Reduction in Multiunit Auctions: Evidence from a Sportscard Field Experiment," American Economic Review, American Economic Association, vol. 90(4), pages 961-972, September.
  5. Kagel, John H. & Levin, Dan, 2005. "Multi-unit demand auctions with synergies: behavior in sealed-bid versus ascending-bid uniform-price auctions," Games and Economic Behavior, Elsevier, vol. 53(2), pages 170-207, November.
  6. repec:hal:wpaper:halshs-00590773 is not listed on IDEAS
  7. Peter Cramton & John McMillan & Paul Milgrom & Bradley Miller & Bridger Mitchell & Daniel Vincent & Robert Wilson, 1997. "Package Bidding for Spectrum Licenses," Papers of Peter Cramton 97cra1b, University of Maryland, Department of Economics - Peter Cramton.
  8. Ariane Lambert-Mogiliansky & Konstantin Sonin, 2003. "Corruption and Collusion in Procurement Tenders," Working Papers w0036, Center for Economic and Financial Research (CEFIR).
  9. Lawrence M. Ausubel & Paul Milgrom, 2005. "Ascending Proxy Auctions," Levine's Bibliography 122247000000000785, UCLA Department of Economics.
  10. Lawrence M. Ausubel & Paul Milgrom, 2002. "Ascending Auctions with Package Bidding," Working Papers 02004, Stanford University, Department of Economics.
  11. Eiichiro Kazumori, 2010. "Core-Selecting Auctions: An Experimental Study," CARF F-Series CARF-F-226, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
  12. Martin Bichler & Pasha Shabalin & J├╝rgen Wolf, 2013. "Do core-selecting Combinatorial Clock Auctions always lead to high efficiency? An experimental analysis of spectrum auction designs," Experimental Economics, Springer, vol. 16(4), pages 511-545, December.
  13. Andersson, Martin R. & Sandholm, Tuomas W., 2001. "Leveled commitment contracts with myopic and strategic agents," Journal of Economic Dynamics and Control, Elsevier, vol. 25(3-4), pages 615-640, March.
  14. Tobias Scheffel & Georg Ziegler & Martin Bichler, 2012. "On the impact of package selection in combinatorial auctions: an experimental study in the context of spectrum auction design," Experimental Economics, Springer, vol. 15(4), pages 667-692, December.
  15. Chernomaz, Kirill & Levin, Dan, 2012. "Efficiency and synergy in a multi-unit auction with and without package bidding: An experimental study," Games and Economic Behavior, Elsevier, vol. 76(2), pages 611-635.
  16. Tomomi Tanaka, 2005. "Resource allocation with spatial externalities: Experiments on land consolidation," Experimental 0511004, EconWPA.
  17. Anders Lunander & Jan-Eric Nilsson, 2003. "Taking the Lab to the Field: Experimental Tests of Alternative Mechanisms to Procure Multiple Contracts," Working Papers 2003.28, Fondazione Eni Enrico Mattei.
  18. Anders Lunander & Jan-Eric Nilsson, 2004. "Taking the Lab to the Field: Experimental Tests of Alternative Mechanisms to Procure Multiple Contracts," Journal of Regulatory Economics, Springer, vol. 25(1), pages 39-58, January.

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