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Coasian Dynamics in Repeated English Auctions

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Author Info
Flavio M. Menezes & Matthew J. Ryan () (School of Economics, The University of Queensland)

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Abstract

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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