1 Dynamic Auctions in Procurement

@inproceedings{Ausubel20061DA,
  title={1 Dynamic Auctions in Procurement},
  author={Lawrence M. Ausubel and Peter Cramton},
  year={2006}
}
We study the theory and practical implementation of dynamic procurement auctions. We consider the procurement of many related items. With many related items, price discovery is important not only to reduce the winner’s curse, but more importantly, to simplify the bidder’s decision problem and to facilitate the revelation of preferences in the bids. Three auction formats are considered: simultaneous descending auctions are preferred if the items are not divisible, simultaneous clock auctions are… CONTINUE READING
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