Decision Sciences
8 years ago

Purchasers Benefit by Keeping Reservation Prices Secret in Auctions.

Journal of Hubei University of Technology
The Strategic Revelation of Reservation Pricein Procurement Auction
Yi Huang, Hu Erqin

Paper Summary

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The article explores whether buyers should reveal their minimum price in auctions to save money. By comparing different auction scenarios, the study found that buyers should keep their minimum price secret, except when it's very low. In most cases, it's better for buyers to use a certain type of auction to get the best deal.