Properties of scoring auctions
This article studies scoring auctions, a procedure commonly used to buy differentiated products: suppliers submit offers on all dimensions of the good (price, level of nonmonetary attributes), and these are evaluated using a scoring rule. We provide a systematic analysis of equilibrium behavior in scoring auctions when suppliers' private information is multidimensional (characterization of equilibrium behavior and expected utility equivalence). In addition, we show that scoring auctions dominate several other commonly used procedures for buying differentiated products, including menu auctions, beauty contests, and price-only auctions with minimum quality thresholds. Copyright (c)2008, RAND.
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Volume (Year): 39 (2008)
Issue (Month): 1 ()
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- Yeon-Koo Che & Ian Gale, 1998. "Standard Auctions with Financially Constrained Bidders," Review of Economic Studies, Oxford University Press, vol. 65(1), pages 1-21.
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- de Frutos, Maria-Angeles & Pechlivanos, Lambros, 2006. "Second-price common-value auctions under multidimensional uncertainty," Games and Economic Behavior, Elsevier, vol. 55(1), pages 43-71, April.
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- Fang, Hanming & Morris, Stephen, 2006. "Multidimensional private value auctions," Journal of Economic Theory, Elsevier, vol. 126(1), pages 1-30, January.
- Hanming Fang & Stephen Morris, 2003. "Multidimensional Private Value Auctions," Cowles Foundation Discussion Papers 1423, Cowles Foundation for Research in Economics, Yale University.
- Stephen Morris & Hanming Fang, 2004. "Multidimensional Private Value Auctions," Econometric Society 2004 North American Winter Meetings 174, Econometric Society.
- Stephen Morris & Hanming Fang, 2004. "Multidimensional Private Value Auctions," Yale School of Management Working Papers ysm387, Yale School of Management.
- Hanming Fang, 2004. "Multidimensional Private Value Auctions," Theory workshop papers 121473000000000021, UCLA Department of Economics.
- Ewerhart, Christian & Fieseler, Karsten, 2003. " Procurement Auctions and Unit-Price Contracts," RAND Journal of Economics, The RAND Corporation, vol. 34(3), pages 569-581, Autumn.
- Ewerhart II, Christian & Fieseler, Karsten, 2002. "Procurement Auctions and Unit-Price Contracts," Sonderforschungsbereich 504 Publications 02-11, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
- Jean-Charles Rochet & Lars A. Stole, 2002. "Nonlinear Pricing with Random Participation," Review of Economic Studies, Oxford University Press, vol. 69(1), pages 277-311.
- Patrick Bajari & Stephanie Houghton & Steven Tadelis, 2004. "Bidding for Incompete Contracts," Working Papers 2004.141, Fondazione Eni Enrico Mattei. Full references (including those not matched with items on IDEAS)
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