| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1240 |
| DP1240 After the Deluge: Do Fixed Exchange Rates Allow Inter-temporal Volatility Trade-offs? | |
| Andrew Rose | |
| 发表日期 | 1995-09-30 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | This paper studies multiple object auctions when there are two kinds of bidders: those interested in the bundle being sold (bundle bidders) and those that want one specific object only (unit bidders). The analysis has been motivated by the sale of spectrum rights in the United States.Using a simple model of independent valuations I explore the properties of the optimal auction and its implementation. I show that an optimal mechanism requires combinational bids for the bundle and for each of the units. Moreover, if the optimal mechanism allocates the objects efficiently, a combination of second-price auctions allows the implementation of the optimal mechanism, while a combination of first-price auctions does not. |
| 主题 | Industrial Organization |
| 关键词 | Auctions Combinational bids Mechanism design |
| URL | https://cepr.org/publications/dp1240 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530383 |
| 推荐引用方式 GB/T 7714 | Andrew Rose. DP1240 After the Deluge: Do Fixed Exchange Rates Allow Inter-temporal Volatility Trade-offs?. 1995. |
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