INCENTIVES AND BEHAVIOR IN ENGLISH, DUTCH AND SEALED‐BID AUCTIONS
作者:
VICKI M. COPPINGER,
VERNON L. SMITH,
JON A. TITUS,
期刊:
Economic Inquiry
(WILEY Available online 1980)
卷期:
Volume 18,
issue 1
页码: 1-22
ISSN:0095-2583
年代: 1980
DOI:10.1111/j.1465-7295.1980.tb00556.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
The Pareto optimality and price behavior of English and Dutch oral auctions, and First‐Price and Second‐Price sealedbid auctions are compared under various procedures for assigning valuations among cash motivated bidders. The Vickrey propositions with respect to the mean and variance of prices under the English, Dutch and Second‐Price auctions are not falsified by the data. Individual behavior and prices in the First‐Price auction deviates considerably from Vickrey's Nash postulate. Behaviorly, the English and Second‐Price auctions appear to be isomorphic, but the Dutch and First‐Price auctions may not be
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