Multi-object auctions are traditionally analyzed as if they were a number of simultaneous independent single object auctions. Such an approximation may be very crude if bidders have budget restrictions, capacity constraints, or, in general, have non-linear utility functions. This paper presents a very simple multi-object auction for which explicit equilibrium strategies can be calculated; these equilibrium strategies have several qualitative characteristics arising from the multi-object nature of the example and therefore not present in typical single object auctions.
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Length: 11 pages Date of creation: 1978 Date of revision: Publication status: Published in Management Science, 25(12), 1979 Handle: RePEc:cwl:cwldpp:494