Asymmetric Multiple-Object First-Price Auctions
The paper reports on the effects of one-sided imperfect information on bidding behaviour in simultaneous and sequential first-price auctions of non-identical objects when bidders have multi-unit demands. The analysis provides the following four main results. First, when different objects are to be sold in sequence, the seller maximises her expected revenues by selling the most valuable object first. Second, the more the objects are different and the more the sequential format favours the informed bidder. Third, by switching the order of sales, the seller may want to change her initial preference for a simultaneous format (in which bidders submit object-specific bids) to one for a sequential format. Fourth, sequential auctions are mostly preferred by the seller when the objects are likely to be of low value and the precision of the informed bidder's signal is low.
|Date of creation:||May 2013|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: (618) 8303 5540
Web page: http://www.economics.adelaide.edu.au/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Robert W. Rosenthal & Ruqu Wang, 1995.
"Simultaneous Auctions with Synergies and Common Values,"
0060, Boston University - Industry Studies Programme.
- Rosenthal, Robert W. & Wang, Ruqu, 1996. "Simultaneous Auctions with Synergies and Common Values," Games and Economic Behavior, Elsevier, vol. 17(1), pages 32-55, November.
- repec:oup:restud:v:75:y:2008:i:2:p:475-498 is not listed on IDEAS
- Bernhardt, Dan & Scoones, David, 1993.
"A Note on Sequential Auctions,"
829, California Institute of Technology, Division of the Humanities and Social Sciences.
- Donald B. Hausch, 1986. "Multi-Object Auctions: Sequential vs. Simultaneous Sales," Management Science, INFORMS, vol. 32(12), pages 1599-1610, December.
- Carolyn Pitchik, 2008.
"Budget-Constrained Sequential Auctions with Incomplete Information,"
tecipa-342, University of Toronto, Department of Economics.
- Pitchik, Carolyn, 2009. "Budget-constrained sequential auctions with incomplete information," Games and Economic Behavior, Elsevier, vol. 66(2), pages 928-949, July.
- Carolyn Pitchik, 1989. "Budget-Constrained Sequential Auctions With Incomplete Information," STICERD - Theoretical Economics Paper Series 201, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
- Carolyn Pitchik, 2006. "Budget-Constrained Sequential Auctions with Incomplete Information," Working Papers tecipa-230, University of Toronto, Department of Economics.
- Claudio Mezzetti & Aleksandar Pekec & Ilia Tsetlin, 2005.
"Sequential vs. Single-Round Uniform-Price Auctions,"
Discussion Papers in Economics
05/26, Department of Economics, University of Leicester, revised Apr 2007.
- Mezzetti, Claudio & Pekec, Aleksandar Sasa & Tsetlin, Ilia, 2008. "Sequential vs. single-round uniform-price auctions," Games and Economic Behavior, Elsevier, vol. 62(2), pages 591-609, March.
- Claudio Mezzetti & Aleksandar Pekec & Ilia Tsetlin, 2004. "Sequential vs. Single-Round Uniform-Price Auctions," Working Papers 2004.147, Fondazione Eni Enrico Mattei.
- Vijay Krishna & Robert Rosenthal, 1995.
"Simultaneous Auctions with Synergies,"
Game Theory and Information
- Archishman Chakraborty & Nandini Gupta & Rick Harbaugh, 2006.
"Best foot forward or best for last in a sequential auction?,"
RAND Journal of Economics,
RAND Corporation, vol. 37(1), pages 176-194, 03.
- Archishman Chakraborty & Nandini Gupta & Rick Harbaugh, 2004. "Best Foot Forward or Best for Last in a Sequential Auction?," Working Papers 2004-07, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
- Archishman Chakraborty & Nandini Gupta & Rick Harbaugh, 2000. "Best Foot Forward or Best for Last in a Sequential Auction?," Claremont Colleges Working Papers 2000-43, Claremont Colleges.
- Virag, Gabor, 2007. "Repeated common value auctions with asymmetric bidders," Games and Economic Behavior, Elsevier, vol. 61(1), pages 156-177, October.
- Goeree, Jacob K. & Offerman, Theo & Schram, Arthur, 2006. "Using first-price auctions to sell heterogeneous licenses," International Journal of Industrial Organization, Elsevier, vol. 24(3), pages 555-581, May.
- Paul Milgrom & Robert J. Weber, 1981.
"The Value of Information in a Sealed-Bid Auction,"
462, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Ashenfelter, Orley, 1989. "How Auctions Work for Wine and Art," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 23-36, Summer.
- Wedad Elmaghraby, 2003. "The Importance of Ordering in Sequential Auctions," Management Science, INFORMS, vol. 49(5), pages 673-682, May.
- Jean-Pierre Benoît & Vijay Krishna, 2001. "Multiple-Object Auctions with Budget Constrained Bidders," Review of Economic Studies, Oxford University Press, vol. 68(1), pages 155-179.
When requesting a correction, please mention this item's handle: RePEc:adl:wpaper:2013-07. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dmitriy Kvasov)
If references are entirely missing, you can add them using this form.