About: Revenue and efficiency in multi-unit uniform-price auctions

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rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
Description	This paper analyzes efficiency in a uniform-price multi-unit auction with a positive reservation price. I demonstrate that the reservation price is an important policy tool that may increase efficiency (or welfare) in multi-unit uniform-price auctions. I show that the higher the reservation price is,the higher is the seller’s revenue and the higher is the efficiency of a final allocation of units that could be attained in a multi-unit uniform-price auction. The reservation price increases the bidder’s equilibrium strategy in a specific way that is inherent to the uniform-price auction. Thus the reservation price effect on efficiency is in contrast to other auction formats; e.g., the reservation price decreases efficiency in the Vickrey auction and single-unit auctions with symmetric bidders. Therefore the main result can be added to the list of results from mechanism design and auction theory that fail to extend the single-unit/single-dimensional context to the multi-unit/multi-dimensional one. This paper analyzes efficiency in a uniform-price multi-unit auction with a positive reservation price. I demonstrate that the reservation price is an important policy tool that may increase efficiency (or welfare) in multi-unit uniform-price auctions. I show that the higher the reservation price is,the higher is the seller’s revenue and the higher is the efficiency of a final allocation of units that could be attained in a multi-unit uniform-price auction. The reservation price increases the bidder’s equilibrium strategy in a specific way that is inherent to the uniform-price auction. Thus the reservation price effect on efficiency is in contrast to other auction formats; e.g., the reservation price decreases efficiency in the Vickrey auction and single-unit auctions with symmetric bidders. Therefore the main result can be added to the list of results from mechanism design and auction theory that fail to extend the single-unit/single-dimensional context to the multi-unit/multi-dimensional one. (en)
Title	Revenue and efficiency in multi-unit uniform-price auctions Revenue and efficiency in multi-unit uniform-price auctions (en)
skos:prefLabel	Revenue and efficiency in multi-unit uniform-price auctions Revenue and efficiency in multi-unit uniform-price auctions (en)
skos:notation	RIV/67985998:_____/13:00395840!RIV15-GA0-67985998
http://linked.open...avai/riv/aktivita	I P
http://linked.open...avai/riv/aktivity	I, P(GAP402/11/1531)
http://linked.open...iv/cisloPeriodika	November
http://linked.open...vai/riv/dodaniDat	2015
http://linked.open...aciTvurceVysledku	Břeský, Michal
http://linked.open.../riv/druhVysledku	J - Článek v odborném periodiku
http://linked.open...iv/duvernostUdaju	S - Úplné a pravdivé údaje nepodléhající ochraně podle zvláštních právních předpisů
http://linked.open...titaPredkladatele	Národohospodářský ústav AV ČR, v. v. i.
http://linked.open...dnocenehoVysledku	102767
http://linked.open...ai/riv/idVysledku	RIV/67985998:_____/13:00395840
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	multi-unit auction; multiple-object auction; market efficiency (en)
http://linked.open.../riv/klicoveSlovo	market efficiency multi-unit auction multiple-object auction
http://linked.open...odStatuVydavatele	US - Spojené státy americké
http://linked.open...ontrolniKodProRIV	[F74205109409]
http://linked.open...i/riv/nazevZdroje	Games and Economic Behavior
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	1 (xsd:int)
http://linked.open...cetTvurcuVysledku	1 (xsd:int)
http://linked.open...vavai/riv/projekt	Selected Financial Auction Markets in the Czech Republic and the Impact of the Credit Crunch Crises
http://linked.open...UplatneniVysledku	2013
http://linked.open...v/svazekPeriodika	82
http://linked.open...iv/tvurceVysledku	Břeský, Michal
http://linked.open...ain/vavai/riv/wos	000338813500013
issn	0899-8256
number of pages	13 (xsd:int)
http://bibframe.org/vocab/doi	10.1016/j.geb.2013.05.007

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