Multi-Unit Auctions with Uniform Prices
Posted: 4 Oct 1998
Auctions in which individuals can purchase more than one unit of the good being sold differ in striking ways from multi-unit auctions in which individuals may purchase only one unit. The uniform price auction in particular frequently yields Nash equilibria in which bidders underbid for their second unit and therefore pay very low prices for the good. This paper characterizes equilibria for the uniform price auction.
JEL Classification: D44, D82, C72
Suggested Citation: Suggested Citation