Gretschko, Vitali; Rasch, Alexander; Wambach, Achim - In: Journal of Mathematical Economics 50 (2014) C, pp. 79-85
We analyze the bidding behavior in a strictly descending multi-unit auction where the price decreases continuously without going back to the initial start price once an object is sold. We prove that any equilibrium in the multi-unit descending auction is inefficient. We derive a symmetric...