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Multi-Unit Open Ascending Price Efficient Auction

  • Sergei Izmalkov

    (Department of Economics, MIT)

This paper presents an open ascending price mechanism that allocates efficiently M units of the same good among N bidders with interdependent values The mechanism consists of a number of sequential English auctions with reentry and has the following attributes. In each of the individual auctions all the bidders compete simultaneously in the open ascending price format. The most distinctive feature of the mechanism is that winners are determined first, and then additional auxillary auctions are conducted to determine prices. The total number of auctions depends only on the number of goods to be allocated and not on the number of bidders.

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Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2004.91.

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Date of creation: May 2004
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Handle: RePEc:fem:femwpa:2004.91
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  1. Ken Binmore & Paul Klemperer, 2001. "The Biggest Auction Ever: the Sale of the British 3G Telecom Licenses," Economics Papers 2002-W4, Economics Group, Nuffield College, University of Oxford, revised 01 Sep 2001.
  2. Jehiel, Phillipe & Moldovanu, Benny, 1998. "Efficient Design with Interdependent Valuations," Sonderforschungsbereich 504 Publications 98-22, Sonderforschungsbereich 504, Universit├Ąt Mannheim;Sonderforschungsbereich 504, University of Mannheim.
  3. Rothkopf, Michael H & Teisberg, Thomas J & Kahn, Edward P, 1990. "Why Are Vickrey Auctions Rare?," Journal of Political Economy, University of Chicago Press, vol. 98(1), pages 94-109, February.
  4. P. Dasgupta & Eric Maskin, 1998. "Efficient Auctions," Harvard Institute of Economic Research Working Papers 1857, Harvard - Institute of Economic Research.
  5. Paul Milgrom & Robert J. Weber, 1981. "A Theory of Auctions and Competitive Bidding," Discussion Papers 447R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  6. Dirk Bergemann & Stephen Morris, 2003. "Robust Mechanism Design," Cowles Foundation Discussion Papers 1421, Cowles Foundation for Research in Economics, Yale University.
  7. Cremer, Jacques & McLean, Richard P, 1985. "Optimal Selling Strategies under Uncertainty for a Discriminating Monopolist When Demands Are Interdependent," Econometrica, Econometric Society, vol. 53(2), pages 345-61, March.
  8. Robert H. Porter, 1992. "The Role of Information in U.S. Offshore Oil and Gas Lease Auctions," Discussion Papers 1008, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  9. Motty Perry & Philip J. Reny, 2002. "An Efficient Auction," Econometrica, Econometric Society, vol. 70(3), pages 1199-1212, May.
  10. Eric Maskin, 2001. "Auctions and Efficiency," Economics Working Papers 0002, Institute for Advanced Study, School of Social Science.
  11. Oleksii Birulin & Sergei Izmalkov, 2009. "On Effciency of the English Auction," Working Papers w0139, Center for Economic and Financial Research (CEFIR).
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