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Theory and Behavior of Multiple Unit Discriminative Auctions
Author(s) -
COX JAMES C.,
SMITH VER L.,
WALKER JAMES M.
Publication year - 1984
Publication title -
the journal of finance
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 18.151
H-Index - 299
eISSN - 1540-6261
pISSN - 0022-1082
DOI - 10.1111/j.1540-6261.1984.tb03888.x
Subject(s) - bidding , discriminative model , common value auction , generalization , unit (ring theory) , mathematical economics , computer science , economics , test (biology) , microeconomics , artificial intelligence , mathematics , mathematical analysis , paleontology , biology , mathematics education
This paper reports the results of controlled experiments designed to test the Harris‐Raviv generalization of the Vickrey theory of bidding in multiple unit discriminative auctions. The paper also discusses further development of the theory—in a way suggested by the experimental results—to include bidders with distinct risk preferences.