Abstract
We present laboratory experiments of five different multi-unit auction mechanisms. Two units of a homogenous object were auctioned off among two bidders with flat demand for two units. We test whether expected demand reduction occurs in open and dealed-bid uniform price auctions. Revenue equivalence is tested for these auctions as well as for the Ausubel, the Vickrey and the discriminatory sealed-bid auction.Furthermore, we compare the five mechanisms with respect to the efficient allocation of the units. We also provide some theoretical insights concerning the equilibria of uniform-price auctions with incomplete information
| Original language | English |
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| Place of Publication | Egham |
| Publication status | Published - 30 Jul 2004 |
Keywords
- Multi-Unit Auctions
- Demand Reduction
- Experimental Economics