|Title:||Auction format and auction sequence in multi-item multi-unit auctions : an experimental study|
|Authors :||Betz, Regina|
|Published in :||The Economic Journal|
|Publisher / Ed. Institution :||Wiley|
|License (according to publishing contract) :||Licence according to publishing contract|
|Type of review:||Peer review (Publication)|
|Subjects :||Emissions trading; Auction; Experiment|
|Subject (DDC) :||380: Communications and transportation|
|Abstract:||We experimentally study the effect of auction format (sealed-bid vs. closed clock vs. open clock) and auction sequence (simultaneous vs. sequential) on bidding behaviour and auction outcomes in auctions of multiple related multi-unit items. Prominent field applications are the sale of emission permits, fishing rights, and electricity. We find that, when auctioning simultaneously, clock auctions outperform sealed-bid auctions in terms of efficiency and revenues. This advantage disappears when the items are auctioned sequentially. In addition, auctioning sequentially has positive effects on total revenues across all auction formats, resulting from fiercer competition on the item auctioned first.|
|Departement:||School of Management and Law|
|Organisational Unit:||Center for Energy and Environment (CEE)|
|Publication type:||Article in scientific Journal|
|Appears in Collections:||Publikationen School of Management and Law|
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