Last-Minute Bidding and the Rules for Ending Second-Price Auctions: Evidence from eBay and Amazon Auctions on the Internet¶
Roth, & Ockenfels. (2002). Last-Minute Bidding and the Rules for Ending Second-Price Auctions: Evidence from eBay and Amazon Auctions on the Internet: Evidence from eBay and Amazon Auctions on the Internet. American Economic Review.
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1 citation across 1 artifact.
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Domain-specific¶
- Dominated Strategy
- This dominant-strategy logic underlies real second-price deployments: eBay's proxy-bidding system and single-item sealed-bid procurement approximate it precisely so that participants need not out-guess each other to bid well.
This sourceThat eBay's hard closing time makes late bidding a best response, so it is not a second-price mechanism in which truthful bidding is dominant.
- This dominant-strategy logic underlies real second-price deployments: eBay's proxy-bidding system and single-item sealed-bid procurement approximate it precisely so that participants need not out-guess each other to bid well.
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