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Sequential auctions with heterogeneous bidders

Author

Listed:
  • Stéphanie Vincent

    (Institute of Economics, University of Copenhagen)

Abstract

Motivated by empirical findings from jewellery sold at public English auctions at Crédit Municipal de Paris, we study the effect of the presence of two types of bidders on equilibrium strategies and on the price tendency. We consider a second-price auction (sealed-bid og English auction) where bidders are heterogeneous. Some bidders, “professionals”, have multi-unit demand and decreasing marginal utility. Others, “amateurs” are interested in only one object. In an independent private values setting, we characterize an equilibrium when there is one or more professionals and find different price tendencies according to the nature of the demand of amateurs, thus confirming the fact that heterogeneity implies different price matters.

Suggested Citation

  • Stéphanie Vincent, 1998. "Sequential auctions with heterogeneous bidders," CIE Discussion Papers 1998-19, University of Copenhagen. Department of Economics. Centre for Industrial Economics.
    • Handle: RePEc:kud:kuieci:1998-19
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    Citations

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    Cited by:

    1. Stéphanie Vincent Lyk-Jensen & Olivier Chanel, 2007. "Retailers and consumers in sequential auctions of collectibles," Canadian Journal of Economics, Canadian Economics Association, vol. 40(1), pages 278-295, February.

    More about this item

    Keywords

    English auction; sealed-bid auction; multi-unit demand; decreasing marginal utility; heterogeneous bidders;
    All these keywords.

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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