The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
An Efficient Ascending-Bid Auction for Multiple Objects
Abstract
When bidders exhibit multi-unit demands, standard auction methods generally yield inefficient outcomes. This article proposes a new ascending-bid auction for homogeneous goods, such as Treasury bills or telecommunications spectrum. The auctioneer announces a price and bidders respond with quantities. Items are awarded at the current price whenever they are “clinched,” and the price is incremented until the market clears. With private values, this (dynamic) auction yields the same outcome as the (sealed-bid) Vickrey auction, but has advantages of simplicity and privacy preservation. With interdependent values, this auction may retain efficiency, whereas the Vickrey auction suffers from a generalized Winner's Curse.
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Citations
Cites
COUNTERSPECULATION, AUCTIONS, AND COMPETITIVE SEALED TENDERS
Vickrey, W. (1961) · The Journal of Finance · doi:10.1111/j.1540-6261.1961.tb02789.x · Cited by 7,722
Cited by
Combinatorial Auctions: A Survey
de Vries, S., & Vohra, R. V. (2003) · INFORMS Journal on Computing · doi:10.1287/ijoc.15.3.284.16077 · Cited by 985
Demand Reduction and Inefficiency in Multi-Unit Auctions
Ausubel, L. M., Cramton, P., Pycia, M., Rostek, M., & Weretka, M. (2014) · The Review of Economic Studies · doi:10.1093/restud/rdu023 · Cited by 800
Self-citationShen, Z. M., & Su, X. (2007) · Production and Operations Management · doi:10.1111/j.1937-5956.2007.tb00291.x · Cited by 337
Strategic Supply Function Competition With Private Information
(2011) · Econometrica · doi:10.3982/ecta8126 · Cited by 284
You, F., Yuan, X., Ni, W., & Jamalipour, A. (2025) · IEEE Transactions on Cognitive Communications and Networking · doi:10.1109/tccn.2024.3499342 · Cited by 15
Metadata
- Authors
- Ausubel, L. M.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2004-12-01
- Volume
- 94
- Issue
- 5
- Pages
- 1452-1475
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2057067174
- Cited by
- 727
- References
- 1
- FWCI
- 61.83
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
