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Standard Single-Unit Auctions

In: Understanding Auctions

Author

Listed:
  • Asunción Mochón

    (UNED University)

  • Yago Sáez

    (University Carlos III of Madrid)

Abstract

This chapter discusses the standard single-unit auctions: ascending (English), descending (Dutch), first-price sealed-bid, and second-price sealed-bid. Advantages, disadvantages, and distinguishing features of each format are described. Furthermore, equivalences among them are mentioned. The final section is devoted to the Revenue Equivalence Theorem, which states that, under certain assumptions, the four auction formats yield the same expected revenue to the seller. The implications of relaxing each assumption are also shown.

Suggested Citation

  • Asunción Mochón & Yago Sáez, 2015. "Standard Single-Unit Auctions," Springer Texts in Business and Economics, in: Understanding Auctions, edition 127, chapter 2, pages 11-23, Springer.
    • Handle: RePEc:spr:sptchp:978-3-319-08813-6_2
    DOI: 10.1007/978-3-319-08813-6_2
    as

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