search query: @author Sinha, A. / total: 6
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| Author: | Greenleaf, E. Rao, A. Sinha, A. |
| Title: | Guarantees in auctions: the auction house as negotiator and managerial decision maker |
| Journal: | Management Science
1993 : SEP, VOL. 39:9, p. 1130-1145 |
| Index terms: | AUCTIONS GUARANTEES NEGOTIATION DECISION MAKING |
| Language: | eng |
| Abstract: | The authors present a normative model of negotiations and find the frontier of guarantee and commission that is the Nash bargaining solution. They also determine the optimal reserve that the auctioneer should place on guaranteed property. The authors find that guarantees decrease the auction house's expected revenue compared to a conventional auction, but do allow it to attract business which might otherwise be lost. Guarantees benefit sellers, increasing the expected value and lowering the variance of their auction revenue. |
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