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Least Unmatched Price Auctions: A First Approach

  • Jürgen Eichberger

    ()

    (University of Heidelberg, Department of Economics)

  • Dmitri Vinogradov

    ()

    (University of Essex, Essex Business School,)

Least-Unmatched Price Auctions have become a popular format of TV and radio shows. Increasingly, they are also applied in internet trading. In these auctions the lowest single (unique) bid wins. We analyze the game-theoretic solution of least unmatched price auctions when prize, bidding cost and the number of participants are known. We use a large data-set of such auctions in order to contrast actual behavior of players with game-theoretic predictions. In the aggregate, bidding behaviour seems to conform with a Nash equilibrium in mixed strategies.

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File URL: http://www.uni-heidelberg.de/md/awi/forschung/dp471.pdf
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Paper provided by University of Heidelberg, Department of Economics in its series Working Papers with number 0471.

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Length: 33 pages
Date of creation: Jul 2008
Date of revision: Jul 2008
Handle: RePEc:awi:wpaper:0471
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  1. Metrick, Andrew, 1995. "A Natural Experiment in "Jeopardy!"," American Economic Review, American Economic Association, vol. 85(1), pages 240-53, March.
  2. Kate Antonovics & Peter Arcidiacono & Randall Walsh, 2005. "Games and Discrimination: Lessons From The Weakest Link," Journal of Human Resources, University of Wisconsin Press, vol. 40(4), pages 918-947.
  3. Axel Ockenfels & Alvin E. Roth, 2003. "Late and Multiple Bidding in Second Price Internet Auctions: Theory and Evidence Concerning Different Rules for Ending an Auction," CESifo Working Paper Series 992, CESifo Group Munich.
  4. Rosemarie Nagel & Antoni Bosch-Domènech & Albert Satorra & José García Montalvo, 1999. "One, two, (three), infinity: Newspaper and lab beauty-contest experiments," Economics Working Papers 438, Department of Economics and Business, Universitat Pompeu Fabra.
  5. Jacob K. Goeree & Charles A. Holt, 2000. "Ten Little Treasures of Game Theory and Ten Intuitive Contradictions," Virginia Economics Online Papers 333, University of Virginia, Department of Economics.
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