Division of the Humanities and Social Sciences California Institute of Technology Pasadena, California 91125 Bidders' Choice Auctions: Raising Revenues through the Right to Choose

Abstract

Sales of multiple real-estate properties are often conducted via a sequence of ascending auctions, giving the winner at each stage the right to choose one of the available lots. We show that when bidders are risk averse, such “bidders’ choice” auctions raise more revenues than standard simultaneous or sequential ascending auctions. We also report the… (More)

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Cite this paper

@inproceedings{Goeree2003DivisionOT, title={Division of the Humanities and Social Sciences California Institute of Technology Pasadena, California 91125 Bidders' Choice Auctions: Raising Revenues through the Right to Choose}, author={Jacob K. Goeree and Charles R. Plott and John Wooders}, year={2003} }