MULTIUNIT AUCTIONS WITH UNIFORM PRICES

Authors
ENGELBRECHTWIGGANS R KAHN CM
Citation
R. Engelbrechtwiggans et Cm. Kahn, MULTIUNIT AUCTIONS WITH UNIFORM PRICES, Economic theory, 12(2), 1998, pp. 227-258
Citations number
21
Categorie Soggetti
Economics
Journal title
Economic theory → ACNP
ISSN journal
09382259
Volume
12
Issue
2
Year of publication
1998
Pages
227 - 258
Database
ISI
SICI code
0938-2259(1998)12:2<227:MAWUP>2.0.ZU;2-#
Abstract
Auctions in which individuals can purchase more than one unit of the g ood being sold differ in striking ways from multi-unit auctions in whi ch individuals may purchase only one unit. The uniform price auction i n particular frequently yields Nash equilibria in which bidders underb id for their second unit and therefore pay very low prices for the goo d. This paper characterizes equilibria for the uniform price auction.