Channel Auctions-Reference-Cited by-同舟云学术

Channel Auctions

Published:2020-05 Issue:5 Volume:66 Page:2075-2082
ISSN:0025-1909
Container-title:Management Science
language:en
Short-container-title:Management Science

Author:

Azevedo Eduardo M.¹^ORCID,Pennock David M.²,Waggoner Bo³^ORCID,Weyl E. Glen²^ORCID

Affiliation:

1. The Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania 19104;

2. Microsoft Research, Redmond, Washington 98052;

3. University of Colorado, Boulder, Colorado 80303

Abstract

Standard auction formats feature either an upper bound on the equilibrium price that descends over time (as in the Dutch auction) or a lower bound on the equilibrium price that ascends over time (as in the English auction). We show that in some settings with costly information acquisition, auctions featuring both (viz., a narrowing channel of prices) outperform the standard formats. This Channel auction preserves some of benefits of both the English (truthful revelation) and Dutch (security for necessary information acquisition) auctions. Natural applications include housing, online auction sites like eBay, recording transactions on blockchains, and spectrum rights. This paper was accepted by Joshua Gans, business strategy.

Publisher

Institute for Operations Research and the Management Sciences (INFORMS)

Subject

Management Science and Operations Research,Strategy and Management

Reference6 articles.

1. Efficient Auctions

2. Ding A (2015) Buy it now: An analysis of the effects of buy prices in auction listings. Unpublished thesis, Stanford University, Stanford, CA.

3. Investment under Uncertainty

4. Auctions versus Posted Prices in Online Markets

5. A Theory of Auctions and Competitive Bidding

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