On the lowest-winning-bid and the highest-losing-bid auctions
نویسندگان
چکیده
منابع مشابه
Lowest Unique Bid Auctions with Signals
A lowest unique bid auction allocates a good to the agent who submits the lowest bid that is not matched by any other bid. This peculiar auction format is becoming increasingly popular over the Internet. We show that when all the bidders are rational such a selling mechanism can lead to positive pro ts only if there is a large mismatch between the auctioneers and the bidders valuation. On the...
متن کاملLowest Unique Bid Auctions with Resubmission Opportunities
The recent online platforms propose multiple items for bidding. The state of the art, however, is limited to the analysis of one item auction without resubmission. In this paper we study multi-item lowest unique bid auctions (LUBA) with resubmission in discrete bid spaces under budget constraints. We show that the game does not have pure Bayes-Nash equilibria (except in very special cases). How...
متن کاملRational and actual behavior in lowest unique bid auctions
In lowest unique bid auctions, N players bid for an item. The winner is whoever places the lowest bid, provided that it is also unique. We derive an analytical expression for the equilibrium distribution of the game as a function of N and study its properties, which are then compared with a large dataset of internet auctions. The empirical collective strategy reproduces the theoretical equilibr...
متن کاملRationality, Irrationality and Escalating Behavior in Lowest Unique Bid Auctions
Information technology has revolutionized the traditional structure of markets. The removal of geographical and time constraints has fostered the growth of online auction markets, which now include millions of economic agents worldwide and annual transaction volumes in the billions of dollars. Here, we analyze bid histories of a little studied type of online auctions--lowest unique bid auctions...
متن کاملSmarter than Others? Conjectures in Lowest Unique Bid Auctions
Research concerning various types of auctions, such as English auctions, Dutch auctions, highest-price sealed-bid auctions, and second-price sealed-bid auctions, is always a topic of considerable interest in interdisciplinary fields. The type of auction, known as a lowest unique bid auction (LUBA), has also attracted significant attention. Various models have been proposed, but they often fail ...
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ژورنال
عنوان ژورنال: Journal of Mathematical Economics
سال: 2008
ISSN: 0304-4068
DOI: 10.1016/j.jmateco.2007.12.001