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Auctions with Numerous Bidders

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Author Info
Silvia Caserta () (Faculty of Economics, Erasmus Universiteit Rotterdam)
Casper G. de Vries () (Faculty of Economics, Erasmus Universiteit Rotterdam)

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Abstract

We study auctions in which the number of potential bidders is large, such as in Internet auctions. With numerous bidders, the expected revenue and the optimal bid function in a first price auction result in complicated expressions, except for a few simple distribution function for the bidders' valuations. We show that these expressions can be well approximated using extreme value theory without assuming a particular distribution function. The theory is applied to data from Internet auctions.

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Publisher Info
Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 05-031/2.

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Date of creation: 22 Mar 2005
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Handle: RePEc:dgr:uvatin:20050031

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Web page: http://www.tinbergen.nl/

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Related research
Keywords: Auctions; Numerous bidders; Extreme values; Internet auctions;

Find related papers by JEL classification:
D44 - Microeconomics - - Market Structure and Pricing - - - Auctions

Cited by:
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  1. Laurens de Haan & Casper de Vries & Chen Zhou, 2008. "The Extent of Internet Auction Markets," Tinbergen Institute Discussion Papers 08-041/2, Tinbergen Institute. [Downloadable!]
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This page was last updated on 2009-12-10.

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