Multi-unit auctions with uniform prices
AbstractAuctions in which individuals can purchase more than one unit of the good being sold differ in striking ways from multi-unit auctions in which individuals may purchase only one unit. The uniform price auction in particular frequently yields Nash equilibria in which bidders underbid for their second unit and therefore pay very low prices for the good. This paper characterizes equilibria for the uniform price auction.
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 12 (1998)
Issue (Month): 2 ()
Note: Received: July 31, 1995; revised version: May 28, 1997
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Web page: http://link.springer.de/link/service/journals/00199/index.htm
Find related papers by JEL classification:
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
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- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
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