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Revenue and efficiency in multi-unit uniform-price auctions
Břeský, Michal - Author
Prague : CERGE-EI, 2009 - 39 s. : il. ; 21 cm
ISBN 978-80-7343-185-3 (Centrum pro ekonomický výzkum a doktorské studium UK : brož.), ISBN 978-80-7344-174-6 (Národohospodářský ústav AV ČR : brož.)
Working paper series,
aukce aukční ceny matematické modelování
studieCall number C 337.598 Umístění 338.5 - Ceny. Cenová politika Title statement Revenue and efficiency in multi-unit uniform-price auctions / Michal Břeský Main entry-name Břeský, Michal (Author) Issue data Prague : CERGE-EI, 2009 Phys.des. 39 s. : il. ; 21 cm ISBN 978-80-7343-185-3 (Centrum pro ekonomický výzkum a doktorské studium UK : brož.) 978-80-7344-174-6 (Národohospodářský ústav AV ČR : brož.) National bibl. num. cnb001962028 Edition Working paper series (CERGE-EI) ; 384 Internal Bibliographies/Indexes Note Obsahuje bibliografii Language note Souběžné české resumé Subj. Headings aukce * aukční ceny * matematické modelování Form, Genre studie Conspect 33 - Ekonomie UDC 339.375 , 338.516.49 , 519.673 , (048.8) Country Česko Language angličtina Ve volném výběru 338.5 - Ceny. Cenová politika Document kind BOOKS I show that in a private value multi-unit uniform-price auction, the reservation price increases both the efficiency and revenue. In equilibrium the difference between the true value of a unit and the submitted bid (shading) is different for each unit; therefore, the seller cannot allocate units efficiently, i.e., to those who value them the most. When the seller increases the reservation price, the bidders increase their bids on the units with greater shading. Then more often the units are allocated among those who have higher values for them, that is, efficient, although some bidders with a low value do not participate in the auction. In contrast to some other auction formats, for a low range of reservation prices, the higher the reservation price, the higher is both the expected efficiency and revenue. Zdroj anotace: OKCZ - ANOTACE Z WEBULoading…
Number of the records: 1