Harstad, Ronald M.; Rothkopf, Michael H. - In: Management Science 46 (2000) 1, pp. 1-12
We present an alternative abstraction of an English (oral ascending) auction to the standard, in Milgrom and Weber (1982), that accords more closely with practices in some auction markets. In particular, the assumptions that exits are irrevocable and necessarily public are dropped, making...