Bid Sensitivity in the Structure of the Vickrey Auction
AbstractA research study explored a version of economist W. Vickrey's second-price, sealed-bid auction used for the valuation of nonmarket goods. The sensitivity of revealed values generated by this variation were examined. A standard second-price auction with repeated market trials was compared to a random nth-price auction and a combinatorial private-collection auction with sequentially-revealed values. Results showed the consistency of revealed values in a low probability risk scenario.
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 10616.
Date of creation: 01 Dec 1994
Date of revision:
Publication status: Published in American Journal of Agricultural Economics, December 1994, vol. 76 no. 5, pp. 1089-1095
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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
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