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Auction Format and Auction Sequence in Multi-item Multi-unit Auctions : An Experimental Study

Title data

Betz, Regina ; Greiner, Ben ; Schweitzer, Sascha ; Seifert, Stefan:
Auction Format and Auction Sequence in Multi-item Multi-unit Auctions : An Experimental Study.
In: The Economic Journal. Vol. 127 (24 October 2017) Issue 605 . - S. F351-F371.
ISSN 1468-0297
DOI: https://doi.org/10.1111/ecoj.12403

Abstract in another language

We experimentally study the effect of auction format (sealed-bid versus closed clock versus open clock) and auction sequence (simultaneous versus sequential) on bidding behaviour and auction outcomes in auctions of multiple related multi-unit items. Prominent field applications are the sale of emission permits, fishing rights, and electricity. We find that, when auctioning simultaneously, clock auctions outperform sealed-bid auctions in terms of efficiency and revenues. This advantage disappears when the items are auctioned sequentially. In addition, auctioning sequentially has positive effects on total revenues across all auction formats, resulting from fiercer competition on the item auctioned first.

Further data

Item Type: Article in a journal
Refereed: Yes
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Business Administration > Chair Business Administration XI - Technology and Innovation Management > Chair Business Administration XI - Technology and Innovation Management - Univ.-Prof. Dr. Stefan Seifert
Result of work at the UBT: No
DDC Subjects: 300 Social sciences > 330 Economics
Date Deposited: 17 Nov 2021 09:52
Last Modified: 17 Nov 2021 09:52
URI: https://eref.uni-bayreuth.de/id/eprint/67869