Auctions of Homogeneous Goods: A Case for Pay-as-Bid
EC(2021)
摘要
ABSTRACTThe pay-as-bid auction is a prominent format for selling homogenous goods such as treasury securities and commodities. We analyze the optimal design of pay-as-bid auctions allowing for asymmetric information. We show that supply transparency and full disclosure are optimal in pay-as-bid, though not necessarily in uniform-price (the main alternative auction format). Pay-as-bid is revenue dominant and might be welfare dominant. Under assumptions commonly imposed in empirical work, the two formats are revenue and welfare equivalent.
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关键词
homogeneous goods,pay-as-bid
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