The benchmark for the analysis is provided by the characterization of optimal selling procedures for a seller that has several units of a homogeneous indivisible good to be sold extending the analysis of a single unit model in [1]. It is shown that the seller should impose endogenous individual minimum announcements, that are contingent on the bidders' reports and decreasing as the number of units allocated to the buyer increase.

Implementation mechanisms are discussed in the context of a special case of the model. Under the assumption of unit demands, it is shown that some generalizations (to multiple units) of standard auctions may implement the optimal mechanism, but some do not. Moreover, it is proven that in a sequential optimal auction the sequence of prices paid in each auction is a supermartingale, which conforms to the empirical behavior of prices in sequential auctions.

Download Info

To our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.

Publisher Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 8 (1996)
Issue (Month): 1 ()
Pages: 77-101
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:spr:joecth:v:8:y:1996:i:1:p:77-101

Note: Received: May 9, 1994; revised version May 31, 1995
Contact details of provider:
Web page: http://link.springer.de/link/service/journals/00199/index.htm

Order Information:
Web: http://link.springer.de/orders.htm

For technical questions regarding this item, or to correct its listing, contact: (Christopher F Baum).

Related research

Keywords:

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

1. Roberto Burguet, 2000. "Auction theory: a guided tour," Investigaciones Economicas, Fundación SEPI, vol. 24(1), pages 3-50, January. [Downloadable!]
   Other versions:
   • Burguet, R., 1998. "Auction Theory: a Guided Tour," UFAE and IAE Working Papers 422.98, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
2. Nicolás Figueroa & Vasiliki Skreta, 2007. "The Role of Outside Options in Auction Design," Documentos de Trabajo 231, Centro de Economía Aplicada, Universidad de Chile. [Downloadable!]
   Other versions:
   • Vasiliki Skreta & Nicolas Figueroa, 2008. "The Role of Outside Options in Auction Design," Working Papers 08-12, New York University, Leonard N. Stern School of Business, Department of Economics. [Downloadable!]
   • Nicolas Figueroa & Vasiliki Skreta, 2006. "The Role of Outside Options in Auction Design," Levine's Bibliography 321307000000000140, UCLA Department of Economics. [Downloadable!]
3. Vijay Krishna & Motty Perry, 1997. "Efficient Mechanism Design," Game Theory and Information 9703010, EconWPA, revised 28 Apr 1998. [Downloadable!]
4. Crémer, Jacques & Hariton, Cyril, 2003. "Rental of a Durable Good," IDEI Working Papers 162, Institut d'Économie Industrielle (IDEI), Toulouse. [Downloadable!]
5. Domenico Menicucci, 2001. "Optimal two-object auctions with synergies," ICER Working Papers - Applied Mathematics Series 18-2001, ICER - International Centre for Economic Research. [Downloadable!]
   Other versions:
   • Domenico Menicucci, 2003. "Optimal two-object auctions with synergies," Review of Economic Design, Springer, vol. 8(2), pages 143-164, October. [Downloadable!] (restricted)
6. Lionel Thomas, 2001. "Les marchés à tranches," Recherches économiques de Louvain, De Boeck Université, vol. 67(4), pages 437-451. [Downloadable!]

Did you know? Apart from a small start up grant in the 1990's, RePEc has received no funding and lives on the help of volunteers.

This page was last updated on 2009-12-22.