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Late and Multiple Bidding in Competing Second Price

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Author Info
Marta Stryszowska (Department of Economics, Tilburg University)
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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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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Related research
Keywords: Auctions; Electronic Commerce; Internet;

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

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References listed on IDEAS
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  1. Peters, Michael & Severinov, Sergei, 1997. "Competition among Sellers Who Offer Auctions Instead of Prices," Journal of Economic Theory, Elsevier, vol. 75(1), pages 141-179, July. [Downloadable!] (restricted)
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  2. Paul Milgrom, 2000. "Putting Auction Theory to Work: The Simultaneous Ascending Auction," Journal of Political Economy, University of Chicago Press, vol. 108(2), pages 245-272, April. [Downloadable!] (restricted)
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  3. Michael Peters & Sergei Severinov, 2001. "Internet Auctions with Many Traders," Working Papers peters-01-01, University of Toronto, Department of Economics. [Downloadable!]
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  4. Alvin E. Roth & Axel Ockenfels, 2002. "Last-Minute Bidding and the Rules for Ending Second-Price Auctions: Evidence from eBay and Amazon Auctions on the Internet," American Economic Review, American Economic Association, vol. 92(4), pages 1093-1103, September. [Downloadable!]
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  5. Avery, Christopher, 1998. "Strategic Jump Bidding in English Auctions," Review of Economic Studies, Blackwell Publishing, vol. 65(2), pages 185-210, April. [Downloadable!] (restricted)
  6. Dan Ariely & Axel Ockenfels & Alvin E. Roth, 2002. "An Experimental Analysis of Ending Rules in Internet Auctions," Papers on Strategic Interaction 2002-47, Max Planck Institute of Economics, Strategic Interaction Group. [Downloadable!]
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  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. [Downloadable!] (restricted)
  8. Lucking-Reiley, David, 2000. "Auctions on the Internet: What's Being Auctioned, and How?," Journal of Industrial Economics, Blackwell Publishing, vol. 48(3), pages 227-52, September. [Downloadable!] (restricted)
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