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Bidding in Uniform Price Auctions for Value Maximizing Buyers

카테고리
국외자료
개인저자
Negin Golrezaei, Sourav Sahoo
발행기관
MIT.CEEPR
발행년월
2024.07
페이지수
48p
URL
요약
We study the problem of bidding in uniform price auctions, a widely used format in Treasury auctions, emissions permit auctions, and energy markets. Although uniform price auctions are non-truthful for bidders with quasilinear utility functions, several empirical findings suggest that this auction format induces truthful bidding from the bidders. We attribute this difference in theory and practice to the assumption of the behavioral model of the bidders.