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The Product-Mix Auction: A New Auction Design for Differentiated Goods.

Abstract:

I describe a new static (sealed-bid) auction for differentiated goods–-the “Product-Mix Auction.” Bidders bid on multiple assets simultaneously, and bid-takers choose supply functions across assets. The auction yields greater efficiency, revenue, information, and trade than running multiple separate auctions. It is also often simpler to use and understand, and less vulnerable to collusion, than a simultaneous multiple round auction. I designed it after the 2007 Northern Rock bank run to help ...

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Publisher copy:
10.1162/jeea.2010.8.2-3.526
Publisher:
MIT Press
Journal:
Journal of the European Economic Association More from this journal
Volume:
8
Issue:
2-3
Pages:
526 - 536
Publication date:
2010-01-01
DOI:
ISSN:
1542-4766
Language:
English
UUID:
uuid:fba560bc-fb1e-49ec-bfdd-98250b0d532e
Local pid:
oai:economics.ouls.ox.ac.uk:14696
Deposit date:
2011-08-16

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