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Scale Economies and the Dynamics of Recurring Auctions

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Author Info
Thomas D. Jeitschko () (Department of Economics, Michigan State University, East Lansing, MI 48824.)
Elmar Wolfstetter () (Institut f. Wirtschaftstheorie I, Humboldt-Universit”t zu Berlin, Spandauer Str. 1, 10178 Berlin, Germany.)

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Abstract

We analyze the dynamics of a game of sequential bidding in the presence of stochastic scale effects, either economies or diseconomies of scale. We show that economies of scale give rise to declining expected equilibrium prices, whereas the converse is not generally true. Moreover, first- and second-price auctions are not always revenue equivalent. Economies of scale make second-price auctions more profitable for the seller, whereas revenue equivalence may be preserved in the case of diseconomies. Copyright 2002, Oxford University Press.

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Publisher Info
Article provided by Oxford University Press in its journal Economic Inquiry.

Volume (Year): 40 (2002)
Issue (Month): 3 (July)
Pages: 403-414
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Handle: RePEc:oup:ecinqu:v:40:y:2002:i:3:p:403-414

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  1. Dietrich, Franz & List, Christian, 2006. "Judgment aggregation on restricted domains," Research Memoranda 033, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
  2. Veronika Grimm, 2006. "Sequential versus Bundle Auctions for Recurring Procurement," Working Paper Series in Economics 27, University of Cologne, Department of Economics. [Downloadable!]
  3. Leufkens, Kasper & Peeters, Ronald & Vorsatz, Marc, 2006. "Sequential auctions with synergies: An experimental analysis," Research Memoranda 040, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
  4. Grigorieva, Elena & Herings, P. Jean-Jacques & Müller, Rudolf & Vermeulen, Dries, 2006. "Inefficiency of equilibria in query auctions with continuous valuations," Research Memoranda 017, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
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