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Auctions in which losers set the price

Author: Tsetlin, Ilia ; Mezzetti, ClaudioINSEAD Area: Decision Sciences Series: Working Paper ; 2006/46/DS Publisher: Fontainebleau : INSEAD, 2006.Language: EnglishDescription: 25 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: We study auctions of a single object among symmetric bidders with affiliated values. We show that the second-price auction minimizes revenue among all efficient auction mechanisms in which only the winner pays, and the price only depends on the losers' bids. In particular, we show that the kth price auction generates higher revenue than the second-price auction, for all k > 2. It follows that with affiliated private values, the kth price auction yields higher revenue than the English auction. We also show that the kth price auction may generate higher revenue than the English auction even in a setting with common values. Next title: Auctions in which losers set the price (RV of 2006/46/DS) - Mezzetti, Claudio;Tsetlin, Ilia - 2007 - INSEAD Working Paper
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We study auctions of a single object among symmetric bidders with affiliated values. We show that the second-price auction minimizes revenue among all efficient auction mechanisms in which only the winner pays, and the price only depends on the losers' bids. In particular, we show that the kth price auction generates higher revenue than the second-price auction, for all k > 2. It follows that with affiliated private values, the kth price auction yields higher revenue than the English auction. We also show that the kth price auction may generate higher revenue than the English auction even in a setting with common values.

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