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On Strategic Quantity Bidding in Multiple Unit Auctions

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Author Info
Tenorio, Rafael
Abstract

Standard studies of multiple unit auctions generally overlook the strategic role of bidders' quantity decisions. Using a simple equilibrium model of bidding, the author analyzes bidders' incentives to choose quantities in discriminatory and competitive auctions. The main result is that bidders have a stronger strategic incentive to bid for fewer units in competitive auctions. Since under competition a bidder pays the lowest accepted price for each unit she gets, she may benefit from dropping her quantity to let lower-valuing bidders enter the set of winners. This prediction is consistent with empirical observations from foreign currency and spectrum auctions. Copyright 1997 by Blackwell Publishing Ltd

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Article provided by Blackwell Publishing in its journal Journal of Industrial Economics.

Volume (Year): 45 (1997)
Issue (Month): 2 (June)
Pages: 207-17
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Handle: RePEc:bla:jindec:v:45:y:1997:i:2:p:207-17

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  1. Catherine D. Wolfram, 1997. "Strategic Bidding in a Multi-Unit Auction: An Empirical Analysis of Bids to Supply Electricity," NBER Working Papers 6269, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. John A. List & David Lucking-Reiley, 2002. "Bidding Behavior and Decision Costs in Field Experiments," Framed Field Experiments 0053, The Field Experiments Website. [Downloadable!]
    Other versions:
  3. Yvan Lengwiler, 1998. "The multiple unit auction with variable supply," Finance and Economics Discussion Series 1998-28, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  4. Indranil Chakraborty, 2004. "Multi-Unit Auctions with Synergy," Economics Bulletin, Economics Bulletin, vol. 4(8), pages 1-14. [Downloadable!]
  5. Ping Zhang, 2009. "Characterization of Pure Strategy Equilibria in Uniform Price IPO Auctions," Discussion Papers 2009-05, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham. [Downloadable!]
  6. Rafael Tenorio & Robert F. Easley, 1999. "Bidding Strategies in Internet Yankee Auctions: Theory and Evidence," Computing in Economics and Finance 1999 1021, Society for Computational Economics. [Downloadable!]
  7. Robert F. Easley & Rafael Tenorio, 1999. "Bidding Strategies in Internet Yankee Auctions," Microeconomics 9907001, EconWPA. [Downloadable!]
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