A Theory of Auctions and Competitive Bidding

@article{milgrom-weber-82, abstract = {A model of competitive bidding is developed in which the winning bidder's payoff may depend upon his personal preferences, the preferences of others, and the intrinsic qualities of the object being sold. In this model, the English (ascending) auction generates higher average prices than does the second-price auction. Also, when bidders are risk-neutral, the second-price auction generates higher average prices than the Dutch and first-price auctions. In all of these auctions, the seller can raise the expected price by adopting a policy of providing expert appraisals of the quality of the objects he sells.}, author = {Milgrom, Paul R. and Weber, Robert J.}, citeulike-article-id = {143668}, doi = {10.2307/1911865}, journal = {Econometrica}, keywords = {aarmicro, auctions, microeconomics, penny, tartumicro}, number = {5}, pages = {1089--1122}, posted-at = {2005-03-31 20:13:41}, priority = {3}, title = {A Theory of Auctions and Competitive Bidding}, url = {http://dx.doi.org/10.2307/1911865}, volume = {50}, year = {1982} }

TY - JOUR ID - milgrom-weber-82 L3 - citeulike-article-id:143668 N2 - A model of competitive bidding is developed in which the winning bidder's payoff may depend upon his personal preferences, the preferences of others, and the intrinsic qualities of the object being sold. In this model, the English (ascending) auction generates higher average prices than does the second-price auction. Also, when bidders are risk-neutral, the second-price auction generates higher average prices than the Dutch and first-price auctions. In all of these auctions, the seller can raise the expected price by adopting a policy of providing expert appraisals of the quality of the objects he sells. IS - 5 JF - Econometrica EP - 1122 TI - A Theory of Auctions and Competitive Bidding VL - 50 SP - 1089 KW - aarmicro KW - auctions KW - microeconomics KW - penny KW - tartumicro AU - Milgrom, Paul AU - Weber, Robert PY - 1982/// UR - http://dx.doi.org/10.2307/1911865 ER -