Auctions in which losers set the price

Abstract

We study auctions of a single asset among symmetric bidders with a¢ liated values. We show that the second-price auction minimizes revenue among all e¢ cient auction mechanisms in which only the winner pays, and the price only depends on the losers’bids. In particular, we show that the k-th price auction generates higher revenue than the second-price… (More)
DOI: 10.1016/j.geb.2008.06.006

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