Using Field Experiments to Test Equivalence between Auction Formats: Magic on the Internet
William Vickrey's predicted equivalences between first-price sealed-bid and Dutch auctions, and between second-price sealed-bid and English auctions, are tested using field experiments that auctioned off collectible trading cards over the Internet. The results indicate that the Dutch auction produces 30-percent higher revenues than the first-price auction format, a violation of the theoretical prediction and a reversal of previous laboratory results, and that the English and second-price formats produce roughly equivalent revenues.
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Volume (Year): 89 (1999)
Issue (Month): 5 (December)
Pages: 1063-1080
| Handle: | RePEc:aea:aecrev:v:89:y:1999:i:5:p:1063-1080 |
| Note: | DOI: 10.1257/aer.89.5.1063 |
| Contact details of provider: | Web page: https://www.aeaweb.org/aer/Email: More information through EDIRC
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References listed on IDEAS
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