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Bidding Behaviour in Multi-Unit Auctions - An Experimental Investigation

Author

Listed:
  • Dirk Engelmann
  • Veronika Grimm

Abstract

We present laboratory experiments of five different multi-unit auction mechanisms. Two units of a homogeneous object were auctioned off among two bidders with flat demand for two units. We test whether expected demand reduction occurs in open and sealed-bid uniform-price auctions. We also test revenue equivalence for these auctions as well as for the Ausubel, the Vickrey and the discriminatory sealed-bid auction. Furthermore, we compare the five mechanisms with respect to the efficient allocation of the units. Copyright © The Author(s). Journal compilation © Royal Economic Society 2009.

Suggested Citation

  • Dirk Engelmann & Veronika Grimm, 2009. "Bidding Behaviour in Multi-Unit Auctions - An Experimental Investigation," Economic Journal, Royal Economic Society, vol. 119(537), pages 855-882, April.
    • Handle: RePEc:ecj:econjl:v:119:y:2009:i:537:p:855-882
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    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior

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