Decision Sciences
4 years ago

Auctions that adapt to market needs could maximize societal benefits.

International Journal of Industrial Organization
Auctions with quantity externalities and endogenous supply
Haomin Yan

Paper Summary

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The article explores how auctions for licenses can impact the market structure. By setting minimum bid prices based on supply levels, the auctions can determine supply. Two types of auctions, multi-dimensional uniform-price and Walrasian clock, were proposed to maximize total surplus in the market. These auctions can lead to an efficient market structure and optimal revenue.