Decision Sciences
7 years ago

New auction rule ensures fair bidding for multiple objects.

2 views
American Economic Review
An Efficient Ascending-Bid Auction for Multiple Objects: Comment
Noriaki Okamoto

Paper Summary

A new auction rule called the Ausubel auction was introduced for selling multiple similar items. The claim that all bidders will bid honestly in this auction was proven wrong with a counterexample. The auction was then modified to ensure that all bidders will bid honestly.

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