| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Auctions as Coordination Devices | |
| Maarten C.W. Janssen | |
| 发表日期 | 2004 |
| 出处 | Economy and Society |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This paper develops an economic argument relating auctions to high market prices. At the core of the argument is the claim that market competition and bidding in an auction should be analyzed as part of one game, where the pricing strategies in the market subgame depend on the bidding strategies during the auction. I show that when there are two licenses for sale the only equilibrium in the overall game that is consistent with the logic of forward induction is the one where firms bid an amount (almost) equal to the profits of the cooperative market outcome and follow a cooperative pricing strategy in the market game resulting in high prices. With three or more licenses the auction format determines whether the forward induction argument works |
| 特色分类 | L50 |
| 关键词 | Auctions,Market prices,Coordination |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/auctions-as-coordination-devices/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116965 |
| 推荐引用方式 GB/T 7714 | Maarten C.W. Janssen. Auctions as Coordination Devices. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL2004-013.pdf（1184KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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