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Full-Text Articles in Law
Fixed Revenue Auctions: Theory And Behavior, Bart Wilson, Cary Deck
Fixed Revenue Auctions: Theory And Behavior, Bart Wilson, Cary Deck
Bart J. Wilson
In this paper, we study auctions in which the revenue is fixed but the quantity is determined by the auction mechanism. Specifically, we investigate the theory and behavior of English quantity clock, Dutch quantity clock, last-quantity sealed bid, and penultimate-quantity sealed bid auctions. For theoretically equivalent fixed quantity and fixed revenue auctions, we find that fixed revenue auctions are robust to all the previously observed empirical regularities in fixed quantity auctions.
Building A Market: From Personal To Impersonal Exchange, Bart Wilson, Erik Kimbrough, Vernon Smith
Building A Market: From Personal To Impersonal Exchange, Bart Wilson, Erik Kimbrough, Vernon Smith
Bart J. Wilson
No abstract provided.
Experimental Gasoline Markets, Bart Wilson, Cary Deck
Experimental Gasoline Markets, Bart Wilson, Cary Deck
Bart J. Wilson
No abstract provided.