haku: @journal_id 1464 / yhteensä: 220
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| Tekijä: | Barut, Y. Kovenock, D. Noussair, C. N. |
| Otsikko: | A Comparison of Multiple-Unit All-Pay and Winner-Pay Auctions under Incomplete Information |
| Lehti: | International Economic Review
2002 : AUG, VOL. 43:3, p. 675-708 |
| Asiasana: | ECONOMICS AUCTIONS COMPARATIVE RESEARCH INFORMATION |
| Kieli: | eng |
| Tiivistelmä: | This article examines the properties of independent- private-value all-pay and winner-pay auctions when there are multiple units sold. The authors study bidding behavior, efficiency, and revenue in a set of 23 experimental sessions. The authors' data show that the all-pay auction and the winner-pay auction are empirically revenue equivalent, though both yield higher revenue than the risk neutral Bayesian equilibrium. The authors' evidence also suggests that the winner-pay auction is more likely to lead to a Pareto-efficient allocation than the all-pay auction. The article provides a substantial list of references on this subject. |
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