A Comparison of Multiple‐Unit All‐Pay and Winner‐Pay Auctions Under Incomplete Information*

International Economic Review - Tập 43 Số 3 - Trang 675-708 - 2002
Yasar Barut1, Dan Kovenock2, Charles Noussair2
1Rice Univ
2Purdue University

Tóm tắt

This article examines the properties of independent‐private‐value all‐pay and winner‐pay auctions when there are multiple units sold. We study bidding behavior, efficiency, and revenue in a set of 23 experimental sessions. Our 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. Our evidence also suggests that the winner‐pay auction is more likely to lead to a Pareto‐efficient allocation than the all‐pay auction.

Từ khóa


Tài liệu tham khảo

10.1111/j.1465-7295.1998.tb01697.x

10.1007/BF01258621

——––– and——––– ‘‘Auctions and Contests: An Experimental Investigation ‘’mimeo University of Dortmund 1997.

Belovicz M., 1979, Research in Experimental Economics, 279

10.1086/261919

10.1016/0167-2681(85)90036-8

10.1111/j.1465-7295.1980.tb00556.x

Cox J., 1982, Research in Experimental Economics, 537

10.2307/2327608

Smith V. L., 1985, Research in Experimental Economics, 183–232

10.1023/A:1004916624881

10.1111/j.1465-7295.1988.tb01674.x

Gneezy U. andR.Smorodinsky ‘‘All‐Pay Auctions—An Experimental Study ‘’Discussion Paper 99.01 University of Haifa 1999.

10.2307/1911413

Harrison G., 1989, Theory and Misbehavior of First‐Price Auctions,, American Economic Review, 79, 749

Holt C. ‘‘A Theory of Signalling Auctions ‘’Discussion Paper No. 79–110 Center for Economic Research University of Minnesota 1979.

10.1086/261056

10.1515/9780691213255-009

10.2307/2234706

10.1111/1468-0262.00197

10.1006/jeth.1996.2208

Maskin E., 1989, The Economics of Missing Markets, Information, and Games, 312

McCabe K., 1990, Auction Institutional Design: Theory and Behavior of Simultaneous Multiple‐Unit Generalizations of the Dutch and English Auctions, American Economic Review, 80, 1276

Smith V. L., 1991, Testing Vickrey's and Other Simultaneous Multiple‐Unit Versions of the English Auction, Research in Experimental Economics, 45

Miller G., 1985, Research in Experimental Economics, 159

10.1287/moor.6.1.58

Noussair C., 1995, An Experimental Investigation of the Patterns of International Trade,, American Economic Review, 85, 462

10.1016/S0176-2680(98)00037-8

10.1086/294920

10.1111/j.1540-6261.1961.tb02789.x

1962, Auction and Bidding Games, Recent Advances in Game Theory, 15