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An Example of a Multi-Object Auction Game

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  • Richard Engelbrecht-Wiggans

    (Yale University)

  • Robert J. Weber

    (Northwestern University)

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    Abstract

    Concurrent auctions of several objects are traditionally analyzed as if they were independent single-object auctions. Such an approximation may be very crude if bidders have budgetary restrictions, capacity constraints, or, in general, have non-linear utility functions. This paper presents a very simple multi-object auction for which explicit equilibrium strategies can be calculated; these equilibrium strategies have several qualitative characteristics arising from the multi-object nature of the example and therefore not present in typical single-object auctions. In particular, these results suggest that the observed variance in bids for offshore oil leases is not solely due to bidder uncertainty, but also to the method of auction currently employed.

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    File URL: http://dx.doi.org/10.1287/mnsc.25.12.1272
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    Bibliographic Info

    Article provided by INFORMS in its journal Management Science.

    Volume (Year): 25 (1979)
    Issue (Month): 12 (December)
    Pages: 1272-1277

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    Handle: RePEc:inm:ormnsc:v:25:y:1979:i:12:p:1272-1277

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    Keywords: bidding;

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    Cited by:
    1. Carolyn Pitchik, 2006. "Budget-Constrained Sequential Auctions with Incomplete Information," Working Papers tecipa-230, University of Toronto, Department of Economics.
    2. Kim, Hee-Su, 1996. "Equilibrium and efficiency in auctions of complementary goods without bundling," Economics Letters, Elsevier, vol. 52(1), pages 49-54, July.
    3. Cramton, Peter C, 1995. "Money Out of Thin Air: The Nationwide Narrowband PCS Auction," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 4(2), pages 267-343, Summer.

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