An empirical model of the multi-unit, se
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Stephen G. Donald; Harry J. Paarsch; Jacques Robert
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Article
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2006
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John Wiley and Sons
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English
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## Abstract We construct a model of participation and bidding at multiβunit, sequential, clock auctions when bidders have multiβunit demand. We describe conditions sufficient to characterize a symmetric, perfectβBayesian equilibrium and then demonstrate that this equilibrium induces an efficient al