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Late and Multiple Bidding in Competing Second Price

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  • Marta Stryszowska

    (Department of Economics, Tilburg University)

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    Abstract

    Internet auctions, such as those on eBay, are known for multiple bidding and sniping. Buyers send bids in the closing seconds of an auction, knowing that bids arriving after the closure of the auction are not counted. They also bid several times at the same auction. We model Internet auction as a dynamic multi-unit auction. This let us explain the rationality of both sniping and multiple bidding. By submitting multiple bids, buyers co-ordinate between auctions, so that all objects are finally sold and no-one has to pay too high a price. When bidders submit multiple bids, they might bid very late in the end.

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    Bibliographic Info

    Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2004.16.

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    Date of creation: Jan 2004
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    Handle: RePEc:fem:femwpa:2004.16

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    Keywords: Auctions; Electronic Commerce; Internet;

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    1. Dan Ariely & Axel Ockenfels & Alvin E. Roth, 2005. "An Experimental Analysis of Ending Rules in Internet Auctions," RAND Journal of Economics, The RAND Corporation, vol. 36(4), pages 890-907, Winter.
    2. Lucking-Reiley, David, 2000. "Auctions on the Internet: What's Being Auctioned, and How?," Journal of Industrial Economics, Wiley Blackwell, vol. 48(3), pages 227-52, September.
    3. Alvin E. Roth & Axel Ockenfels, . "Last-Minute Bidding and the Rules for Ending Second-Price Auctions: Evidence from eBay and Amazon Auctions on the Internet," Papers on Strategic Interaction 2002-32, Max Planck Institute of Economics, Strategic Interaction Group.
    4. Peters,M. & Severinov,S., 2001. "Internet auctions with many traders," Working papers 11, Wisconsin Madison - Social Systems.
    5. Milgrom, Paul, 1998. "Putting auction theory to work : the simultaneous ascending auction," Policy Research Working Paper Series 1986, The World Bank.
    6. Michael Peters & Sergei Severinov, 1995. "Competition Among Sellers who offer Auctions Instead of Prices," Working Papers peters-95-02, University of Toronto, Department of Economics.
    7. Alvin E. Roth & Axel Ockenfels, 2000. "Last Minute Bidding and the Rules for Ending Second-Price Auctions: Theory and Evidence from a Natural Experiment on the Internet," NBER Working Papers 7729, National Bureau of Economic Research, Inc.
    8. Avery, Christopher, 1998. "Strategic Jump Bidding in English Auctions," Review of Economic Studies, Wiley Blackwell, vol. 65(2), pages 185-210, April.
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