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Coasian Dynamics in Repeated English Auctions

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We extend the Coase conjecture to the case of a seller with a single object, who faces n potential buyers and holds a sequence of English auctions until the object is sold. In an independent-private-values environment in which buyers and sellers share the same discount factor, we show that the (perfect Bayesian) equilibrium path of reserve prices obeys a Coasian logic. Moreover, the equilibrium reserve path lies below that for the model of repeated sealed-bid, second-price auctions studied by McAfee and Vincent (1997). Nevertheless, the open (English) and sealed-bid formats are shown to be revenue equivalent.

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Paper provided by School of Economics, University of Queensland, Australia in its series Discussion Papers Series with number 349.

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Date of creation: 2007
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Handle: RePEc:qld:uq2004:349

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  1. Coase, Ronald H, 1972. "Durability and Monopoly," Journal of Law and Economics, University of Chicago Press, University of Chicago Press, vol. 15(1), pages 143-49, April.
  2. Stokey, Nancy L, 1979. "Intertemporal Price Discrimination," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 93(3), pages 355-71, August.
  3. Grant, Simon & Kajii, Atsushi & Menezes, Flavio & Ryan, Matthew, 2003. "Auctions with Options to Re-auction," Working Papers, Rice University, Department of Economics 2003-15, Rice University, Department of Economics.
  4. Drew Fudenberg & David K. Levine & Jean Tirole, 1985. "Infinite-Horizon Models of Bargaining with One-Sided Incomplete Information," Levine's Working Paper Archive 1098, David K. Levine.
  5. McAfee, R. Preston & Vincent, Daniel, 1997. "Sequentially Optimal Auctions," Games and Economic Behavior, Elsevier, Elsevier, vol. 18(2), pages 246-276, February.
  6. John G. Riley & Richard Zeckhauser, 1980. "Optimal Selling Strategies:," UCLA Economics Working Papers, UCLA Department of Economics 180, UCLA Department of Economics.
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