A comparison of Candle Auctions and Hard Close Auctions with Common Values

With this study, we contribute to the literature of auction design by presenting a new auction format: the Candle auction, a popular auction in the Middle Ages. Considering a common value framework, we theoretically and experimentally point out that the Candle auction, where bidding is allowed until a stochastic deadline, yields a better outcome to the seller than the Hard Close auction, the popular eBay online auction format.

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Year of publication:	2009-05
Authors:	Füllbrunn, Sascha
Institutions:	Fakultät für Wirtschaftswissenschaft, Otto-von-Guericke-Universität Magdeburg
Subject:	online auctions \| market design \| experimental economics \| common value

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Extent:	application/pdf
Series:	FEMM Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 09019 28 pages
Classification:	C73 - Stochastic and Dynamic Games ; C9 - Design of Experiments ; D44 - Auctions
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005004089