Auctions With A Buy Price
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Auctions With A Buy Price
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Author : Stanley S. Reynolds
language : en
Publisher:
Release Date : 2005
Auctions With A Buy Price written by Stanley S. Reynolds and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Internet auctions on eBay and Yahoo allow sellers to list their auctions with a buy-now option. In such auctions the seller sets a buy price at which a bidder may purchase the item immediately and end the auction. In the eBay version of a buy-now auction, the buy-now option disappears as soon as a bid is placed, while in the Yahoo version of the auction the buy-now option remains in effect throughout the auction. We characterize equilibrium bidding strategies in eBay and Yahoo buy-now auctions. We show that for both auctions, when bidders are risk averse, introducing a buy price raises seller revenue for a wide range of buy prices. In addition, when the reserve prices and the buy prices are the same in both auctions, the Yahoo format raises more revenue than the eBay format, while the auctions are utility equivalent from the bidders' perspective.
Auctions With A Buy Price
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Author : Nicholas Shunda
language : en
Publisher:
Release Date : 2007
Auctions With A Buy Price written by Nicholas Shunda and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
In an auction with a buy price, the seller provides bidders with an option to end the auction early by accepting a transaction at a posted price. The Buy-It-Now option on eBay is a leading example of an auction with a buy price. This paper develops a model of an auction with a buy price in which bidders use the auction's reserve price and buy price to formulate a reference price. The model both explains why a revenue-maximizing seller would want to augment her auction with a buy price and demonstrates that the seller sets a higher reserve price when she can affect the bidders' reference price through the auction's reserve price and buy price than when she can affect the bidders' reference price through the auction's reserve price only. Introducing a small reference-price effect can shrink the range of buy prices bidders are willing to exercise. The comparative statics properties of bidding behavior are in sharp contrast to equilibrium behavior in other models where the existence and size of the auction's buy price have no effect on bidding behavior.
All Pay Auctions With A Buy Price Option
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Author : Minbo Xu
language : en
Publisher:
Release Date : 2017
All Pay Auctions With A Buy Price Option written by Minbo Xu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This paper studies all-pay auctions for a product in which there is a buy-price option for bidders to guarantee purchases at a seller-specified price. We analyze symmetric pure-strategy equilibria in the first- and second-price all-pay auctions with the buy-price option. Under these equilibria, the buy-price option will affect bidders' bidding behavior: while it has no impact on low-value bidders, it makes middle-value bidders bid more aggressively and high-value bidders less aggressively. Under the optimal buy-price, the first- and second-price all-pay auctions maintain the same expected profit while the buy-price in the second-price is higher than those in the first-price all-pay auction. Compared to the uniform posted-price selling mechanism, all-pay auctions with the buy-price cannot attain more expected profit under the fixed number of consumers. However, if there is an endogenous entry process, they can attract more consumers and then reach more profit in expectation.
Auctions With A Buy Price
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Author : Nicholas Shunda
language : en
Publisher:
Release Date : 2009
Auctions With A Buy Price written by Nicholas Shunda and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
In an auction with a buy price, the seller provides bidders with an option to end the auction early by accepting a transaction at a posted price. This paper develops a model of an auction with a buy price in which bidders use the auction's reserve price and buy price to formulate a reference price. The model both explains why a revenue-maximizing seller would want to augment her auction with a buy price and demonstrates that the seller sets a higher reserve price when she can affect the bidders' reference price through the auction's reserve price and buy price than when she can affect the bidders' reference price through the auction's reserve price only. The comparative statics properties of bidding behavior are in sharp contrast to equilibrium behavior in other models where the existence and size of the auction's buy price have no effect on bidding behavior.
A Laboratory Study Of Auctions With A Buy Price
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Author : Yvonne Durham
language : en
Publisher:
Release Date : 2013
A Laboratory Study Of Auctions With A Buy Price written by Yvonne Durham and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
We present a series of laboratory experiments that examine auctions with buy prices, which are prices that allow a bidder to stop the auction and buy the item immediately. Two types of buy prices are considered, one that is available throughout the auction and one that disappears with an initial bid. Both are evaluated with and without proxy bidding. We find that the use of a buy price increases revenue, early bidding, and auction efficiency. Differences between outcomes in auctions with permanent and temporary buy prices are consistent with the observed choices in auction design made by online auction sites.
Comment On Auctions With A Buy Price The Case Of Reference Dependent Preferences
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Author : Ángel Hernando-Veciana
language : en
Publisher:
Release Date : 2010
Comment On Auctions With A Buy Price The Case Of Reference Dependent Preferences written by Ángel Hernando-Veciana and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Ascending Auctions With Buy Price
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Author : Xing Lou
language : en
Publisher:
Release Date : 2003
Ascending Auctions With Buy Price written by Xing Lou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Ascending auctions with buy prices are very popular on online auctions. By having a buy price in an ascending auction, the seller is actually offering risk averse bidders a chance to buy an insurance. The first bidder who call the buy price can get the insurance and hence secure his winning. During the auction, as the price increases incrementally, the premium becomes cheaper and bidders become more interested in buying this insurance. Because some trade-off can be made between the risk neutral seller and risk averse bidders, the seller can achieve a higher expected revenue than in a standard ascending auction. We are also able to solve the equilibrium under very general assumptions by using Revenue Equivalence Theorem.
The Insider S Guide To Saving Thousands At Auction
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Author :
language : en
Publisher: Brolga Publishing
Release Date :
The Insider S Guide To Saving Thousands At Auction written by and has been published by Brolga Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
The Electronic Call Auction Market Mechanism And Trading
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Author : Robert A. Schwartz
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
The Electronic Call Auction Market Mechanism And Trading written by Robert A. Schwartz and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
ROBERT A. SCHWARTZ The primary objective of this book is to consider how the inclusion of electronic call auction trading would affect the performance of our U.S. equity markets. The papers it contains focus on the call auction and its role in a hybrid market struc ture. The purpose is to increase understanding of this trading environment, and to consider the design of a more efficient stock market. This book had its origin in a symposium, Electronic Call Market Trading, that was held at New York University's Salomon Center on April 20, 1995. Nearly 150 people from 16 different countries attended. At the time, three proprietary trading systems based on call auction principles (The Arizona Stock Exchange, Posit, and Instinet's Crossing Network) had been operating for several years and interest already existed in the procedure. Since the symposium, increasing use has been made of call auctions, primarily by the ParisBourse in its Nouveau Marchi: and CAC markets, by Deutsche Borse in its Xetra market, and in the U.S. by OptiMark. Rather than being used as stand alone systems, however, call auctions are now being interfaced with continuous markets so as to produce hybrid market structures, a development that is given considerable attention to in a number of the chapters in this book.
Posted Price Offers In Internet Auction Markets
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Author : Stefan Seifert
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-09-25
Posted Price Offers In Internet Auction Markets written by Stefan Seifert and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-09-25 with Business & Economics categories.
Applying a Market Engineering approach, this book introduces a model of an auction with a posted price offer, and investigates the characteristics of such mechanisms. It discusses the respective equilibrium strategies of sellers and the bidders, providing useful insight into actual behavior. The theoretic results are compared with strategies of students in a controlled experiment. The experimental observations expose shortcomings of standard economic theories and help to further improve electronic markets.