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Theory and Behavior of Multiple Unit Discriminative Auctions

Authors

  • JAMES C. COX,

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    • All authors from the Department of Economics, University of Arizona. We are grateful to the National Science Foundation for research support and to an associate editor of this Journal for helpful comments and suggestions.

  • VERNON L. SMITH,

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    • All authors from the Department of Economics, University of Arizona. We are grateful to the National Science Foundation for research support and to an associate editor of this Journal for helpful comments and suggestions.

  • JAMES M. WALKER

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    • All authors from the Department of Economics, University of Arizona. We are grateful to the National Science Foundation for research support and to an associate editor of this Journal for helpful comments and suggestions.


ABSTRACT

This paper reports the results of controlled experiments designed to test the Harris-Raviv generalization of the Vickrey theory of bidding in multiple unit discriminative auctions. The paper also discusses further development of the theory—in a way suggested by the experimental results—to include bidders with distinct risk preferences.

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