Buy-price English auction

Buy-price English auction,10.1016/j.jet.2004.11.009,Journal of Economic Theory,Zoltán Hidvégi,Wenli Wang,Andrew B. Whinston

Buy-price English auction   (Citations: 45)
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Consider an English auction for a single object in which there is an option for a bidder to guarantee a purchase at a seller-specified buy price b at any time. We show that there exist v˜ and v^ (⩾v˜), such that a bidder purchases at the buy price immediately if his valuation v is no less than v^ or v˜⩽vv^ and at least one other bidder is participating in the auction. If b⩽vv˜, he purchases at the buy price once the current bid reaches a strategically chosen threshold price. A properly set buy price increases expected social welfare and the expected utility of each agent when either buyers or seller are risk-averse.
Journal: Journal of Economic Theory - J ECON THEOR , vol. 129, no. 1, pp. 31-56, 2006
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