Ascending Prices and Package Bidding: A Theoretical and Experimental Analysis

@inproceedings{Kagel2010AscendingPA,
  title={Ascending Prices and Package Bidding: A Theoretical and Experimental Analysis},
  author={John H. Kagel and Yuanchuan Lien and Paul Milgrom},
  year={2010}
}
A long tradition in economic thought asserts that prices minimize the amount of communication required in arriving at an efficient allocation of resources. Friedrich A. Hayek (1945) emphasized this point as one of the keys to the success of market capitalism, and Leonid Hurwicz (1977) formalized it, utilizing the additional assumption that firms’ production sets, and consumers’ preferred sets, are convex. Recent theoretical results of Noam Nisan and Ilya Segal (2006) make it clear that such… CONTINUE READING

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