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Demand Reduction and Inefficiency in Multi-Unit Auctions

Lawrence M. Ausubel, Peter Cramton, Marek Pycia, Marzena Rostek and Marek Weretka.

in The Review of Economic Studies

October 2014; p ublished online July 2014 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Energy and Utilities; Market Structure, Firm Strategy, and Market Performance; Market Structure and Pricing. 19138 words.

Auctions often involve the sale of many related goods: Treasury, spectrum, and electricity auctions are examples. In multi-unit auctions, bids for marginal units may affect payments for...