A comparison of multi-object auction formats
نویسنده
چکیده
We compare the performance of three alternative multi-object auction institutions: simultaneous ascending auctions with the hard closing rule, simultaneous ascending auctions with the soft closing rule, and simultaneous first price sealed bid auctions. Among the three formats, the simultaneous ascending auction with the soft closing rule is the most efficient and produces outcomes closest to the competitive equilibrium prediction. The simultaneous auction with the hard closing rule generates the lowest revenue and efficiency, while the sealed bid auction leads to the highest revenue. We further investigate behavioral regularities behind these differences. JEL classification code: C92, D44
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