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Bid Sensitivity in the Structure of the Vickrey Auction

Author

Listed:
  • Shogren, Jason F.
  • Fox, John A.
  • Hayes, Dermot J.
  • Kliebenstein, James

Abstract

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.

Suggested Citation

  • Shogren, Jason F. & Fox, John A. & Hayes, Dermot J. & Kliebenstein, James, 1994. "Bid Sensitivity in the Structure of the Vickrey Auction," Staff General Research Papers Archive 10616, Iowa State University, Department of Economics.
  • Handle: RePEc:isu:genres:10616
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