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Sequential Auctions of Heterogeneous Objects

Author

Listed:
  • Akitoshi Muramoto

    (Institute of Intellectual Property, Foundation for Intellectual Property)

  • Ryuji Sano

    (Institute of Economic Research, Kyoto University)

Abstract

We consider sequential second-price auctions in which heterogeneous objects are sold to bidders with unit demand and a single dimensional type. We show that a symmetric increasing equilibrium exists if objects are ordered in terms of dispersiveness of value distributions. Equilibrium price declines when objects are equivalent on average and additional conditions hold.

Suggested Citation

  • Akitoshi Muramoto & Ryuji Sano, 2016. "Sequential Auctions of Heterogeneous Objects," KIER Working Papers 945, Kyoto University, Institute of Economic Research.
    • Handle: RePEc:kyo:wpaper:945
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    File URL: http://www.kier.kyoto-u.ac.jp/DP/DP945.pdf
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    References listed on IDEAS

    as
    1. Ashenfelter, Orley & Genesove, David, 1992. "Testing for Price Anomalies in Real-Estate Auctions," American Economic Review, American Economic Association, vol. 82(2), pages 501-505, May.
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    7. Jeitschko, Thomas D., 1999. "Equilibrium price paths in sequential auctions with stochastic supply," Economics Letters, Elsevier, vol. 64(1), pages 67-72, July.
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    More about this item

    Keywords

    sequential auctions; declining price anomaly; dispersiveness;
    All these keywords.

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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