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What will people bid when they compare values to expected price?

Author

Listed:
  • Leon Taylor

    (Marshall University)

Abstract

Suppose that the auctioneer begins at a maximum price, with every bidder knowing her own valuation of the object. Suppose that her valuation exceeds her expectation of the price. Then she might plan to bid more than some linear positive function of the valuation. Such a revision of the Vickrey strategy is most likely in a small auction, where it may affect the expected price. (JEL D44)

Suggested Citation

  • Leon Taylor, 2000. "What will people bid when they compare values to expected price?," Microeconomics 0004002, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpmi:0004002
    Note: Type of Document - Microsoft Word 2000; prepared on Compaq Presario PC; to print on HP; pages: 8; figures: none
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    More about this item

    Keywords

    auctions bidding valuation;

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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