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    Vickrey Auctions with Reserve Pricing

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    No. of downloads: 1651

    Date
    2004-04
    Author
    Ausubel, Lawrence M.
    Cramton, Peter
    Citation
    "Vickrey Auctions with Reserve Pricing," (with Lawrence M. Ausubel) Economic Theory, 23, 493-505, April 2004. Reprinted in Charalambos Aliprantis, et al. (eds.), Assets, Beliefs, and Equilibria in Economic Dynamics, Berlin: Springer-Verlag, 355-368, 2003.
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    Abstract
    We generalize the Vickrey auction to allow for reserve pricing in a multi-unit auction with interdependent values. In the Vickrey auction with reserve pricing, the seller determines the quantity to be made available as a function of the bidders’ reports of private information, and then efficiently allocates this quantity among the bidders. Truthful bidding is a dominant strategy with private values and an ex post equilibrium with interdependent values. If the auction is followed by resale, then truthful bidding remains an equilibrium in the auction-plus-resale game. In settings with perfect resale, the Vickrey auction with reserve pricing maximizes seller revenues.
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    http://hdl.handle.net/1903/7116
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