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Internet Auctions with a Temporary Buyout Option

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  • Che, XiaoGang
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    Abstract

    We model an Internet auction with a temporary buyout option. Our main result shows that under certain parameter values, there exist two types of equilibria where offering a temporary buyout option with an appropriate reserve price enables the seller to increase expected revenue.

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    File URL: http://hdl.handle.net/2123/7110
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    Bibliographic Info

    Paper provided by University of Sydney, School of Economics in its series Working Papers with number 2010-07.

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    Date of creation: Dec 2010
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    Handle: RePEc:syd:wpaper:2123/7110

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    Postal: Sydney, NSW 2006
    Phone: 61 +2 9351 5055
    Fax: 61 +2 9351 4341
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    Web page: http://sydney.edu.au/arts/economics
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    Related research

    Keywords: Internet auctions; temporary buyout option; entry cost;

    This paper has been announced in the following NEP Reports:

    References

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    1. Hidvegi, Zoltan & Wang, Wenli & Whinston, Andrew B., 2006. "Buy-price English auction," Journal of Economic Theory, Elsevier, vol. 129(1), pages 31-56, July.
    2. John Wooders & Stanley S. Reynolds, 2004. "Auctions with a Buy Price," Econometric Society 2004 North American Summer Meetings 130, Econometric Society.
    3. Timothy Mathews & Brett Katzman, 2006. "The role of varying risk attitudes in an auction with a buyout option," Economic Theory, Springer, vol. 27(3), pages 597-613, 04.
    4. Budish, Eric B. & Takeyama, Lisa N., 2001. "Buy prices in online auctions: irrationality on the internet?," Economics Letters, Elsevier, vol. 72(3), pages 325-333, September.
    5. John G. Riley, 2001. "Silver Signals: Twenty-Five Years of Screening and Signaling," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 432-478, June.
    6. Samuelson, William F., 1985. "Competitive bidding with entry costs," Economics Letters, Elsevier, vol. 17(1-2), pages 53-57.
    7. Tan, Guofu & Yilankaya, Okan, 2004. "Equilibria in Second Price Auctions with Participation Costs," Microeconomics.ca working papers tan-04-01-24-10-08-06, Vancouver School of Economics, revised 09 Jun 2006.
    8. McAfee, R. Preston & McMillan, John, 1987. "Auctions with entry," Economics Letters, Elsevier, vol. 23(4), pages 343-347.
    9. Levin, Dan & Smith, James L, 1994. "Equilibrium in Auctions with Entry," American Economic Review, American Economic Association, vol. 84(3), pages 585-99, June.
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