Deposit Requirements in Auctions
نویسندگان
چکیده
We examine optimal auction design when buyers may receive future outside offers. The winning bidder choose to default upon observing her offer. Under the mechanism, with highest value wins if and only is above a cutoff, winner never defaults. takes form of second-price reserve price deposit by bidder. regularity conditions, both increase distribution offers worsens. (JEL D44, D82)
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ژورنال
عنوان ژورنال: American Economic Journal: Microeconomics
سال: 2022
ISSN: ['1945-7669', '1945-7685']
DOI: https://doi.org/10.1257/mic.20200206