Hybrid Auctions I: Theory
In this paper we examine the properties of a hybrid auction that combines a sealed bid and an ascending auction. In this auction, each bidder submits a sealed bid. Once the highest bid is known, the bidder who submitted it is declared the winner if her bid is higher than the second highest by more than a predetermined amount or percentage. If at least one more bidder submitted a bid sufficiently close to the highest bid (that is, if the difference between this bid and the highest bid is smaller...[Show more]
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