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The Effectiveness of Simple Auctions

Author

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  • Neeman, Z.

Abstract

We study the performance of English and second price auctions in which the seller sets an optimal reserve price given his beliefs. We define the effectivess of an auction as the ration between the expected revenue it generated for the seller and the expected valuation of the object to the bidder with the highest valuation (total surplus).

Suggested Citation

  • Neeman, Z., 1998. "The Effectiveness of Simple Auctions," Papers 95, Boston University - Department of Economics.
    • Handle: RePEc:fth:bostec:95
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    Cited by:

    1. Philip A. Haile & Elie Tamer, 2003. "Inference with an Incomplete Model of English Auctions," Journal of Political Economy, University of Chicago Press, vol. 111(1), pages 1-51, February.

    More about this item

    Keywords

    AUCTIONS ; EFFICIENCY ; UNITED KINGDOM;
    All these keywords.

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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