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The condominium problem; auctions for substitutes

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  • Roberto Burguet

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Abstract

This paper considers the problem of designing selling procedures for substitutes (like condominium units). Oral, ascending auctions for the right to choose are efficient. This is a common type of auction used for the sale of real estate. Efficiency is not optimal from the seller’s viewpoint. An optimal procedure distorts the right-to-choose auction to favor in late rounds bidders whose preferred object has already been sold. This optimal auction is complex. A revenue improving departure from efficiency can be achieved by simply auctioning all the rights to choose before any of them is exerted. Copyright Springer-Verlag Berlin/Heidelberg 2005

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File URL: http://hdl.handle.net/10.1007/s10058-005-0121-2
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Bibliographic Info

Article provided by Springer in its journal Review of Economic Design.

Volume (Year): 9 (2005)
Issue (Month): 2 (04)
Pages: 73-90

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Handle: RePEc:spr:reecde:v:9:y:2005:i:2:p:73-90

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Related research

Keywords: Auctions; right-to-choose; substitutes;

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Cited by:
  1. Harris Hollans & Richard Martin & Henry Munneke, 2013. "Measuring Price Behavior in New Residential Subdivisions," The Journal of Real Estate Finance and Economics, Springer, vol. 47(2), pages 227-242, August.
  2. Eliaz, Kfir & Offerman, Theo & Schotter, Andrew, 2008. "Creating competition out of thin air: An experimental study of right-to-choose auctions," Games and Economic Behavior, Elsevier, vol. 62(2), pages 383-416, March.
  3. Ronald M. Harstad, 2007. "Does a Seller Really Want Another Bidder?," Working Papers 0711, Department of Economics, University of Missouri.
  4. Burguet, Roberto, 2007. "Right to choose in oral auctions," Economics Letters, Elsevier, vol. 95(2), pages 167-173, May.
  5. Kfir Eliaz, 2003. "Creating competition out of thin air: Market thickening and right-to-choose auctions," Theory workshop papers 658612000000000047, UCLA Department of Economics.
  6. Sandro Brusco & Giuseppe Lopomo & Leslie M. Marx, 2008. "The Economics of Contingent Re-Auctions," Department of Economics Working Papers 08-02, Stony Brook University, Department of Economics.
  7. Maarten C.W. Janssen & Vladimir A. Karamychev & Emiel Maasland, 2008. "Simultaneous Pooled Auctions with Multiple Bids and Preference Lists," Tinbergen Institute Discussion Papers 08-034/1, Tinbergen Institute.
  8. Sarah Parlane, 2008. "Auctioning Horizontally Differentiated Items," Review of Industrial Organization, Springer, vol. 33(2), pages 113-128, September.
  9. Maarten C.W. Janssen & Vladimir A. Karamychev & Emiel Maasland, 2008. "Simultaneous Pooled Auctions with Multiple Bids and Preference Lists," Tinbergen Institute Discussion Papers 08-034/1, Tinbergen Institute.

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