TY  - JOUR
U1  - Wissenschaftlicher Artikel
A1  - Betz, Regina
A1  - Greiner, Ben
A1  - Schweitzer, Sascha
A1  - Seifert, Stefan
T1  - Auction format and auction sequence in multi‐item multi‐unit auctions : an experimental study
JF  - The Economic Journal
N2  - We experimentally study the effect of auction format (sealed‐bid versus closed clock versus open clock) and auction sequence (simultaneous versus sequential) on bidding behaviour and auction outcomes in auctions of multiple related multi‐unit items. Prominent field applications are the sale of emission permits, fishing rights, and electricity. We find that, when auctioning simultaneously, clock auctions outperform sealed‐bid auctions in terms of efficiency and revenues. This advantage disappears when the items are auctioned sequentially. In addition, auctioning sequentially has positive effects on total revenues across all auction formats, resulting from fiercer competition on the item auctioned first.
Y1  - 2017
SN  - 0013-0133
SS  - 0013-0133
U6  - https://doi.org/10.1111/ecoj.12403
DO  - https://doi.org/10.1111/ecoj.12403
VL  - 127
IS  - 605
SP  - F351
EP  - F371
S1  - 21
PB  - Oxford University Press
CY  - Oxford
ER  -