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Bid Increments in Second-Price Sealed Bid Auctions

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Author Info

  • Richard Cox

    (University of Arkansas at Little Rock)

Abstract

This note concerns bidding in a hybrid first-price and second-price auction. The winning bidder sometimes pays his bid and sometimes pays an amount determined by the next highest bid. In internet auctions where bidders wait until the end of the auction to bid the auction reduces to a sealed-bid auction and the bid function we derive may be relevant in such cases.

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File URL: http://128.118.178.162/eps/mic/papers/0506/0506008.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Microeconomics with number 0506008.

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Length: 6 pages
Date of creation: 24 Jun 2005
Date of revision:
Handle: RePEc:wpa:wuwpmi:0506008

Note: Type of Document - pdf; pages: 6
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Web page: http://128.118.178.162

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Keywords: sniper bidding; bid increments;

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  1. Ockenfels, Axel & Roth, Alvin E., 2006. "Late and multiple bidding in second price Internet auctions: Theory and evidence concerning different rules for ending an auction," Games and Economic Behavior, Elsevier, vol. 55(2), pages 297-320, May.
  2. Alvin E. Roth & Axel Ockenfels, . "Last-Minute Bidding and the Rules for Ending Second-Price Auctions: Evidence from eBay and Amazon Auctions on the Internet," Papers on Strategic Interaction 2002-32, Max Planck Institute of Economics, Strategic Interaction Group.
  3. Patrick Bajari & Ali Horta�su, 2004. "Economic Insights from Internet Auctions," Journal of Economic Literature, American Economic Association, vol. 42(2), pages 457-486, June.
  4. Chwe, Michael Suk-Young, 1989. "The discrete bid first auction," Economics Letters, Elsevier, vol. 31(4), pages 303-306, December.
  5. Riley, John G & Samuelson, William F, 1981. "Optimal Auctions," American Economic Review, American Economic Association, vol. 71(3), pages 381-92, June.
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