The benefits of auctioneer competition: Merging auctions and adding auctioneers

Heczko, Alexander ; Kittsteiner, Thomas ; Ott, Marion

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URN: urn:nbn:de:bsz:180-madoc-659286
Document Type: Working paper
Year of publication: 2023
The title of a journal, publication series: ZEW Discussion Papers
Volume: 23-038
Place of publication: Mannheim
Related URLs:
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: D44 , D47 , D82,
Keywords (English): competing auctions , merging markets , parallel auctions , reserve price , experiment
Abstract: In a lab experiment, we analyze the benefits of increasing competition on auction platforms hosting multiple auctioneers of a homogeneous good. We find that increasing competition by merging separated individual auctions increases market efficiency and also buyers' payoffs, while there is no evidence of an increase in the auctioneers' expected revenues. Furthermore, competing auctioneers decrease reserve prices significantly when the number of competitors increases. Then, auctioneers' revenues decrease whereas buyers' payoffs and efficiency are enhanced. Different to previous findings for the monopolistic seller case, competing auctioneers do not increase reserve prices significantly when the number of buyers increases. For our theoretical model, we provide closed-form equilibrium reserve-price functions of competing auctioneers.
Additional information: Auch unter dem Titel: The spillover effect of managerial taxes on mutual fund risk-taking

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.

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