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  1. Journal of Economic Interaction and Coordination
  2. Journal of Economic Interaction and Coordination : Volume 1
  3. Journal of Economic Interaction and Coordination : Volume 1, Issue 2, November 2006
  4. Multi-unit auction format design
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Journal of Economic Interaction and Coordination : Volume 12
Journal of Economic Interaction and Coordination : Volume 11
Journal of Economic Interaction and Coordination : Volume 10
Journal of Economic Interaction and Coordination : Volume 9
Journal of Economic Interaction and Coordination : Volume 8
Journal of Economic Interaction and Coordination : Volume 7
Journal of Economic Interaction and Coordination : Volume 6
Journal of Economic Interaction and Coordination : Volume 5
Journal of Economic Interaction and Coordination : Volume 4
Journal of Economic Interaction and Coordination : Volume 3
Journal of Economic Interaction and Coordination : Volume 2
Journal of Economic Interaction and Coordination : Volume 1
Journal of Economic Interaction and Coordination : Volume 1, Issue 2, November 2006
Developments in experimental and agent-based computational economics (ACE): overview
Multi-unit auction format design
Can boundedly rational sellers learn to play Nash?
Evolving densities in continuous strategy games through particle simulations
Impact of investor’s varying risk aversion on the dynamics of asset price fluctuations
Social support among heterogeneous partners: an experimental test
Journal of Economic Interaction and Coordination : Volume 1, Issue 1, May 2006

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Multi-unit auction format design

Content Provider Springer Nature Link
Author Hailu, Atakelty Thoyer, Sophie
Copyright Year 2006
Abstract Multi-unit auctions are powerful mechanisms for the allocation of numerous resources and production contracts. However, there is uncertainty about the best auction formats when multi-unit auctions are used because there are multiple equilibria and analytical descriptions of optimum strategies are intractable. Empirical studies are scarce and most experimental studies are restricted to two bidders and two units. This paper constructs an agent-based model of bidders to compare the performance of alternative procurement auction formats under circumstances where bidders submit continuous bid supply functions and learn over time to adjust their bids in order to improve their net incomes. The results provide some confirmation of analytical predictions but also indicate that the range of bidding strategies employed is richer than what the theory expects. Bidder coordination for higher prices is possible under both the Vickrey and uniform auctions, especially when the population is heterogeneous and competition low. Judged by budgetary measures, the discriminatory auction is the most expensive when rationing is tight, but this outcome is reversed when rationing is less stringent. Budgetary outcomes can be improved if the auction is organized among more homogeneous bidders.
Starting Page 129
Ending Page 146
Page Count 18
File Format PDF
ISSN 1860711X
Journal Journal of Economic Interaction and Coordination
Volume Number 1
Issue Number 2
e-ISSN 18607128
Language English
Publisher Springer-Verlag
Publisher Date 2006-10-12
Publisher Place Berlin, Heidelberg
Access Restriction One Nation One Subscription (ONOS)
Subject Keyword Auction design Procurement auctions Multi-unit auctions Vickrey auctions Uniform auctions Discriminatory auctions Computational experiments Agent-based modelling Multi-agent models Learning Finance /Banking Mathematical and Computational Physics Computer Application in Social and Behavioral Sciences Game Theory/Mathematical Methods Economic Theory
Content Type Text
Resource Type Article
Subject Business and International Management Economics and Econometrics
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