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From English to First-Price Sealed Bid: An Empirical Assessment of the Change in Auction Type on Experienced Bidders

Listed author(s):
  • Miller Joshua J.

    ()

    (Housing Policy Economist, NAHB, Washington, DC 20005, 1-202-266-8398, Fax: 1-202-266-8575)

Registered author(s):

    This paper estimate the differential impact of first-price sealed-bid (first-price) auctions relative to English auctions on auction revenue. While there is a theoretical literature on the potential outcomes of first-price relative to English auction, there is a paucity of articles that empirically estimate this relationship. The answer to this question is important not only to economists but also those designing auction for practical application. Using a unique dataset from tax lien auctions in Illinois, I empirically test the effect of a switch in auction type from English to first-price. I find auction revenue is greatly increased, by as much as 22 percent, under the first-price auction. The results are supported by a within county difference-in-difference model specification and are robust when restricting the sample across various specifications

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    File URL: https://www.degruyter.com/view/j/revecp.2014.14.issue-2/revecp-2014-0006/revecp-2014-0006.xml?format=INT
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    Article provided by De Gruyter Open in its journal Review of Economic Perspectives.

    Volume (Year): 14 (2014)
    Issue (Month): 2 (June)
    Pages: 1-23

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    Handle: RePEc:vrs:reoecp:v:14:y:2014:i:2:p:23:n:2
    Contact details of provider: Web page: http://www.degruyteropen.com

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