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Collusion Or Sniping In Simultaneous Ascending Auctions — A Prisoner'S Dilemma

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  • SASCHA FÜLLBRUNN

    ()
    (University of Luxembourg, Faculty of Law, Economics and Finance, Luxembourg School of Finance, 4, Rue Albert Borschette, L-1246, Luxembourg)

Abstract

In simultaneous ascending price auctions with heterogeneous goods Brusco and Lopomo [2002] derive collusive equilibria, where bidders divide objects among themselves, while keeping the prices low. Considering a simultaneous ascending price auction with a fixed deadline, i.e. the hard close auction format, a prisoner's dilemma situation results and collusive equilibria do not longer exist, even for only two bidders. Hence, we introduce a further reason for sniping behavior in Hard Close auctions, i.e. to appear to collude early in the auction and to defect at the very last moment.

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Bibliographic Info

Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal International Game Theory Review.

Volume (Year): 13 (2011)
Issue (Month): 01 ()
Pages: 75-82

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Handle: RePEc:wsi:igtrxx:v:13:y:2011:i:01:p:75-82

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Keywords: Collusion; multi unit auctions; prisoners's dilemma; Subject Classification: D44;

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