Ruqu Wang () (Queen's University) Parimal Kanti Bag (Univeristy of Liverpool, Liverpool UK) Emim Murat Dinlersoz (University of Rochester, Rochester N.Y. USA)
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A phantom bidding model is analyzed for a sale auction. The following questions are addressed: the effects of phantom bidding on overall social welfare and buyers' profits. It is shown that social welfare may increase or decrease as the auctioneer switches from the fixed reserve price policy to phantom bidding. The buyers' profits will increase whenever social welfare increases.
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Paper provided by Queen's University, Department of Economics in its series Working Papers with number
976.
Find related papers by JEL classification: D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
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