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A Sealed-Bid Auction That Matches the English Auction

  • Perry, Motty
  • Wolfstetter, Elmar
  • Zamir, Shmuel

This paper analyzes a two-stage sealed-bid auction that is frequently employed in privatization, takeover, and merger and acquisition contests. This auction format yields the same expected revenue as the open ascending (English) auction, yet is less susceptible to preemptive bidding and collusion.

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File URL: http://www.sciencedirect.com/science/article/B6WFW-45F4KV0-7/2/29e00c1c518086d68e255cd9901d3053
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Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 33 (2000)
Issue (Month): 2 (November)
Pages: 265-273

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Handle: RePEc:eee:gamebe:v:33:y:2000:i:2:p:265-273
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622836

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  1. Paul Milgrom & Robert J. Weber, 1981. "A Theory of Auctions and Competitive Bidding," Discussion Papers 447R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  2. Elmar Wolfstetter & Michael Landsberger & Jakob Rubinstei & Shmuel Zamir, 1997. "First-Price Auctions when the Ranking of Valuations," Microeconomics 9701004, EconWPA.
  3. Jacob Rubinstein & Elmar Wolfstetter & Michael Landsberger & Shmuel Zamir, 2001. "First-price auctions when the ranking of valuations is common knowledge," Review of Economic Design, Springer, vol. 6(3), pages 461-480.
  4. Avery, Christopher, 1998. "Strategic Jump Bidding in English Auctions," Review of Economic Studies, Wiley Blackwell, vol. 65(2), pages 185-210, April.
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