Experimental Comparisons of Auctions under Single- and Multi-Unit Demand
An English clock auction and a sealed-bid auction with lowest accepted-bid pricing are studied in a controlled laboratory setting. Buyers bid for either a single unit or two units of the good. The sealed-bid auction generates more revenue than the English clock auction in both cases. The revenue from the English clock auction is lower in the two-unit demand environment than in the single-unit demand environment, due to strategic demand reduction on the part of bidders. Copyright 1998 by Oxford University Press.
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Volume (Year): 36 (1998)
Issue (Month): 1 (January)
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