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Collusion in Private Value Ascending Price Auctions

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Author Info
Sherstyuk, K.

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Abstract

We investigate bidder collusion in one-sided ascending price auctions without communication. If bidding rules in an English-type auction allow bidders to match each others' bids, collusion can be sustained as a Nash equilibrium of a one-shot auction game. Our earlier experiments show that in common value auctions with complete information, collusion does occur and is sustainable even when bidders cannot explicitly coordinate their strategies. In this study, we investigate the robustness of bidders' collusive behaviour in private values, private information environments. We find that collusion still occurs as long as the bidders' gains from collusion are high.

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Publisher Info
Paper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 707.

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Length: 17 pages
Date of creation: 1999
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Handle: RePEc:mlb:wpaper:707

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Postal: Department of Economics, The University of Melbourne, 5th Floor, Economics and Commerce Building, Victoria, 3010, Australia
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Related research
Keywords: AUCTIONS EXPERIMENTS COLLUSION

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Find related papers by JEL classification:
C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
D44 - Microeconomics - - Market Structure and Pricing - - - Auctions

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Katerina Sherstyuk, 1999. "Collusion Without Conspiracy: An Experimental Study of One-Sided Auctions," Experimental Economics, Springer, vol. 2(1), pages 59-75, August. [Downloadable!] (restricted)
    Other versions:
  2. Paul R. Milgrom, 1985. "Auction Theory," Cowles Foundation Discussion Papers 779, Cowles Foundation, Yale University. [Downloadable!]
  3. Isaac, R. Mark & Ramey, Valerie & Williams, Arlington W., 1984. "The effects of market organization on conspiracies in restraint of trade," Journal of Economic Behavior & Organization, Elsevier, vol. 5(2), pages 191-222, June. [Downloadable!] (restricted)
  4. Isaac, R. Mark & Walker, James M., 1985. "Information and conspiracy in sealed bid auctions," Journal of Economic Behavior & Organization, Elsevier, vol. 6(2), pages 139-159, June. [Downloadable!] (restricted)
  5. Kwasnica, Anthony M., 1998. "Collusion in Multiple Object Simultaneous Auctions: Theory and Experiments," Working Papers 1010, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  6. Milgrom, Paul, 1998. "Game theory and the spectrum auctions," European Economic Review, Elsevier, vol. 42(3-5), pages 771-778, May. [Downloadable!] (restricted)
  7. McAfee, R Preston & McMillan, John, 1996. "Analyzing the Airwaves Auction," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 159-75, Winter. [Downloadable!] (restricted)
  8. McAfee, R Preston & McMillan, John, 1992. "Bidding Rings," American Economic Review, American Economic Association, vol. 82(3), pages 579-99, June. [Downloadable!] (restricted)
    Other versions:
    • McAfee, R. Preston & McMillan, John., 1990. "Bidding Rings," Working Papers 726, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  9. Saijo, Tatsuyoshi & Une, Masashi & Yamaguchi, Toru, 1996. ""Dango" Experiments," Journal of the Japanese and International Economies, Elsevier, vol. 10(1), pages 1-11, March. [Downloadable!] (restricted)
  10. Peter Cramton, 1998. "Ascending Auctions," Papers of Peter Cramton 98eer, University of Maryland, Department of Economics - Peter Cramton, revised 28 Jul 1998. [Downloadable!]
    Other versions:
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Katerina Sherstyuk, 2002. "Some Results on Anti-Competitive Behavior in Multi-Unit Ascending Price Auctions," Working Papers 200207, University of Hawaii at Manoa, Department of Economics. [Downloadable!]
  2. Sascha Füllbrunn, 2007. "Collusion or Sniping in simultaneous ascending Auctions," FEMM Working Papers 07025, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management. [Downloadable!]
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