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Buy-price auction: A distributional approach

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  • Zhong, Hongjun

Abstract

This paper applies the distributional approach to show that when bidders are risk averse, an English auction with optimal reserve price can be further improved with the introduction of a buy price.

Suggested Citation

  • Zhong, Hongjun, 2010. "Buy-price auction: A distributional approach," Economics Letters, Elsevier, vol. 107(3), pages 345-349, June.
  • Handle: RePEc:eee:ecolet:v:107:y:2010:i:3:p:345-349
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    References listed on IDEAS

    as
    1. Riley, John G & Samuelson, William F, 1981. "Optimal Auctions," American Economic Review, American Economic Association, vol. 71(3), pages 381-392, June.
    2. Budish, Eric B. & Takeyama, Lisa N., 2001. "Buy prices in online auctions: irrationality on the internet?," Economics Letters, Elsevier, vol. 72(3), pages 325-333, September.
    3. Alvin E. Roth & Axel Ockenfels, 2000. "Last Minute Bidding and the Rules for Ending Second-Price Auctions: Theory and Evidence from a Natural Experiment on the Internet," NBER Working Papers 7729, National Bureau of Economic Research, Inc.
    4. Maskin, Eric S & Riley, John G, 1984. "Optimal Auctions with Risk Averse Buyers," Econometrica, Econometric Society, vol. 52(6), pages 1473-1518, November.
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    Cited by:

    1. Matzke, Andreas & Volling, Thomas & Spengler, Thomas S., 2016. "Upgrade auctions in build-to-order manufacturing with loss-averse customers," European Journal of Operational Research, Elsevier, vol. 250(2), pages 470-479.

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