Competing Auction Houses
We consider a model where sellers make repeated attempts to sell an object via two competing auction houses. An auction house that attracts a seller runs a Vickrey auction among a random sample of buyers and collects two fees: a listing fee and, if the object is sold, a closing fee. We characterize equilibria and show that two equilibrium outcomes are possible: a (contestable) monopoly, and a market segmentation between the two competitors.
|Date of creation:||Apr 2009|
|Date of revision:||Mar 2010|
|Note:||Under review in Games and Economic Behavior|
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