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The private value single item bisection auction

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Author Info
Grigorieva,Elena
Herings,P. Jean-Jacques
Müller,Rudolf
Vermeulen,Dries (METEOR)

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Abstract

In this paper we present a new iterative auction, the bisection auction, that can be used for the sale of a single indivisable object. We will show that the bisection auction is computationally more efficient than the classical English auction while it still preserves all characteristics the English auction shares with the Vickrey auction there exists an equilibrium in weakly dominant strategies in wich everyone truthfully reveals his information, the object is allocated in accordance with efficiency requirements to the buyer who has the highest valuation, and the price paid by the winner of the object equals the second-highest valuation.

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Publisher Info
Paper provided by Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization in its series Research Memoranda with number 051.

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Date of creation: 2002
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Handle: RePEc:dgr:umamet:2002051

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Keywords: Economics

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  1. Engelbrecht-Wiggans, Richard & Kahn, Charles M., 1991. "Protecting the winner : Second-price versus oral auctions," Economics Letters, Elsevier, vol. 35(3), pages 243-248, March. [Downloadable!] (restricted)
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  1. Grigorieva,Elena & Herings,Jean-Jacques & Müller,Rudolf & Vermeulen,Dries, 2004. "The communication complexity of private value single item auctions," Research Memoranda 052, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
  2. Grigorieva Elena & Herings P. Jean-Jacques & Müller Rudolf & Vermeulen Dries, 2007. "On The Fastest Vickrey Algorithm," Research Memoranda 013, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
  3. Bochet Olivier, 2006. "Equal-Budget Choice Equivalent Solutions in Exchange Economies," Research Memoranda 025, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
  4. Csóka Péter & Herings P. Jean-Jacques & Kóczy László Á., 2006. "Coherent Measures of Risk from a General Equilibrium Perspective," Research Memoranda 016, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
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