Bid Sensitivity in the Structure of the Vickrey Auction
A research study explored a version of economist W. Vickrey's second-price, sealed-bid auction used for the valuation of nonmarket goods. The sensitivity of revealed values generated by this variation were examined. A standard second-price auction with repeated market trials was compared to a random nth-price auction and a combinatorial private-collection auction with sequentially-revealed values. Results showed the consistency of revealed values in a low probability risk scenario.
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|Date of creation:||01 Dec 1994|
|Date of revision:|
|Publication status:||Published in American Journal of Agricultural Economics, December 1994, vol. 76 no. 5, pp. 1089-1095|
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