منابع مشابه
Sniping and Squatting in Auction Markets∗
We conducted a field experiment to test the benefit from late bidding (sniping) in online auction markets. We compared sniping to early bidding (squatting) in auctions for newly-released DVDs on eBay. Sniping led to a statistically significant increase in our average surplus; however, this improvement was quite small. Nevertheless, the two bidding strategies resulted in a variety of other quali...
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In a procurement setting, this paper examines agreements between a buyer and one of the suppliers which would increase their joint surplus. The provisions of such agreements depend on the buyer’s ability to design the rules of the final procurement auction. When the buyer has no such ability, their joint surplus can be increased by an agreement which grants to the preferred supplier a right-of-...
متن کاملCollusion and Predation in Auction Markets
The most important issues in auction design are the traditional concerns of competition policypreventing collusive, predatory, and entry-deterring behaviour. Ascending and uniform-price auctions are particularly vulnerable to these problems, and the Anglo-Dutch auctiona hybrid of the sealed-bid and ascending auctionsmay often perform better. Effective anti-trust policy is also critical. Howe...
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Auction theory analyses market designs by assuming all players are fully rational. In this paper we study behavior of bidders in an experimental launch of a new advertising auction platform by Zillow, as Zillow switched from negotiated contracts to using auctions in several geographically isolated markets. A unique feature of this experiment is that the bidders in this market are local real est...
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We argue that on electronic markets, limit and market orders should have equal effective costs on average. This symmetry implies a linear relation between the bid-ask spread and the average impact of market orders. Our empirical observations on different markets are consistent with this hypothesis. We then use this relation to justify a simple, and hitherto unnoticed, proportionality relation b...
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ژورنال
عنوان ژورنال: American Economic Journal: Microeconomics
سال: 2009
ISSN: 1945-7669,1945-7685
DOI: 10.1257/mic.1.2.68