Collusion via Signalling in Open Ascending Auctions with Multiple Objects and Complementarities
Collusive equilibria exist in open ascending auctions with multiple objects, if the number of bidders is sufficiently small relative to the number of objects, even with large complementarities in the buyers' utility functions. The bidders collude by dividing the objects among themselves, while keeping the prices low. Hence the complementarities are not realized.
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|Date of creation:||1999|
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- Paul Milgrom, .
"Putting Auction Theory to Work: The Simultaneous Ascending Auction,"
98002, Stanford University, Department of Economics.
- Paul Milgrom, 2000. "Putting Auction Theory to Work: The Simultaneous Ascending Auction," Journal of Political Economy, University of Chicago Press, vol. 108(2), pages 245-272, April.
- Milgrom, Paul, 1998. "Putting auction theory to work : the simultaneous ascending auction," Policy Research Working Paper Series 1986, The World Bank.
- Lopomo, Giuseppe, 1998.
"The English Auction Is Optimal Among Simple Sequential Auctions,"
Journal of Economic Theory,
Elsevier, vol. 82(1), pages 144-166, September.
- Giuseppe Lopomo, 2004. "The English Auction Is Optimal Among Simple Sequential Auctions," Levine's Bibliography 122247000000000369, UCLA Department of Economics.
- Graham, Daniel A & Marshall, Robert C, 1987. "Collusive Bidder Behavior at Single-Object Second-Price and English Auctions," Journal of Political Economy, University of Chicago Press, vol. 95(6), pages 1217-39, December.
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