Properties of scoring auctions
AbstractThis article studies scoring auctions, a procedure commonly used to buy differentiated products: suppliers submit offers on all dimensions of the good (price, level of nonmonetary attributes), and these are evaluated using a scoring rule. We provide a systematic analysis of equilibrium behavior in scoring auctions when suppliers' private information is multidimensional (characterization of equilibrium behavior and expected utility equivalence). In addition, we show that scoring auctions dominate several other commonly used procedures for buying differentiated products, including menu auctions, beauty contests, and price-only auctions with minimum quality thresholds. Copyright (c)2008, RAND.
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Bibliographic InfoArticle provided by RAND Corporation in its journal The RAND Journal of Economics.
Volume (Year): 39 (2008)
Issue (Month): 1 ()
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Other versions of this item:
- Asker, John & Cantillon, Estelle, 2004. "Properties of Scoring Auctions," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4734, C.E.P.R. Discussion Papers.
- John Asker & Estelle Cantillon, 2008. "Properties of Scoring Auctions," ULB Institutional Repository 2013/172674, ULB -- Universite Libre de Bruxelles.
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
- L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
- L24 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Contracting Out; Joint Ventures
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