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On the strictly descending multi-unit auction

✍ Scribed by Gretschko, Vitali; Rasch, Alexander; Wambach, Achim

Book ID: 122263657
Publisher: Elsevier Science
Year: 2014
Tongue: English
Weight: 423 KB
Volume: 50
Category: Article
ISSN: 0304-4068
DOI: 10.1016/j.jmateco.2013.10.009

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## Abstract We construct a model of participation and bidding at multi‐unit, sequential, clock auctions when bidders have multi‐unit demand. We describe conditions sufficient to characterize a symmetric, perfect‐Bayesian equilibrium and then demonstrate that this equilibrium induces an efficient al