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Simultaneous Pooled Auctions with Multiple Bids and Preference Lists

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  • Maarten C.W. Janssen

    ()
    (Erasmus University Rotterdam)

  • Vladimir A. Karamychev

    ()
    (Erasmus University Rotterdam)

  • Emiel Maasland

    ()
    (Erasmus University Rotterdam)

Abstract

A simultaneous pooled auction with multiple bids and preference lists is a way to auction multiple objects, in which bidders simultaneously express a bid for each object and a preference ordering over which object they would like to get in case they have the highest bid on more than one object. This type of auction has been used in the Netherlands and in Ireland to auction available spectrum. We show that this type of auction does not satisfy elementary desirable properties such as the existence of an efficient equilibrium.

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Bibliographic Info

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 08-034/1.

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Date of creation: 28 Mar 2008
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Handle: RePEc:dgr:uvatin:20080034

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

Related research

Keywords: Simultaneous pooled auctions; Multi-object sealed-bid auctions; Multiple bids; Single-object demand; Preference lists;

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References

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  1. Moldovanu, Benny & Sela, Aner, 2003. "Patent licensing to Bertrand competitors," International Journal of Industrial Organization, Elsevier, vol. 21(1), pages 1-13, January.
  2. Maarten C.W. Janssen & Vladimir A. Karamychev, 2007. "Do Auctions select Efficient Firms?," Tinbergen Institute Discussion Papers 07-001/1, Tinbergen Institute.
  3. Roberto Burguet, 2005. "The condominium problem; auctions for substitutes," Review of Economic Design, Springer, vol. 9(2), pages 73-90, 04.
  4. Menezes, Flavio M & Monteiro, Paulo Klinger, 1998. "Simultaneous Pooled Auctions," The Journal of Real Estate Finance and Economics, Springer, vol. 17(3), pages 219-32, November.
  5. Goeree, Jacob & Plott, Charles & Wooders, John, 2003. "Bidders' choice auctions: Raising revenues through the right to choose," Working Papers 1181, California Institute of Technology, Division of the Humanities and Social Sciences.
  6. Goeree, Jacob K. & Offerman, Theo & Schram, Arthur, 2006. "Using first-price auctions to sell heterogeneous licenses," International Journal of Industrial Organization, Elsevier, vol. 24(3), pages 555-581, May.
  7. Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-31, July.
  8. repec:att:wimass:9215 is not listed on IDEAS
  9. 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.
  10. Demange, Gabrielle & Gale, David & Sotomayor, Marilda, 1986. "Multi-Item Auctions," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 863-72, August.
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Cited by:
  1. Estrella Alonso & Gustavo Juan Tejada, 2012. "The Auction Model with Lowest Risk in a Duopolistic Electricity Market," Económica, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata, vol. 0, pages 3-21, January-D.

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