Designing multi-unit multiple bid auctions: an agent-based computational model of uniform, discriminatory and generalised Vickrey Auctions
Le format des enchères multi-unitaires : un modèle de simulation des enchères à prix uniforme, discriminant et Vickrey généralisé
Résumé
Multi-unit auctions are being used by public agencies to allocate resources and to purchase services. These auctions resolve the lumpy bid problem inherent in single-bid auctions by allowing bidders to submit a supply or demand schedule. However, the choice of pricing formats for multi-unit auctions is controversial. Neither economic theory nor laboratory experiments depict a complete picture of how alternative pricing formats perform in terms of budgetary or allocative efficiency. This paper constructs an agent-based computational model to compare uniform, discriminatory and generalised Vickrey pricing formats under different degrees of competition and heterogeneity in the bidder population.
Origine | Fichiers produits par l'(les) auteur(s) |
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