Document Type
Article
Publication Date
2011
Abstract
This paper addresses three concerns with ascending price Combinatorial Clock Auc- tions (APCA); price guidance toward e ciency relevant packages, computational bur- den, and susceptibility to collusive bidding. We propose a descending price Combi- natorial Clock Auction (DPCA) with a newly devised pricing strategy to alleviate all of these concerns. Mimicking bidding behavior of human subjects found in previous laboratory experiments, agent-based simulations of a DPCA show improvements in ef- ciency resulting from better price guidance and a reduction in computational burden when compared to an APCA.
Recommended Citation
Munro, D.R. and Rassenti, S. J. (2011). Combinatorial clock auctions: Price direction and performance. ESI Working Paper 11-19. Retrieved from http://digitalcommons.chapman.edu/esi_working_papers/89
Comments
Working Paper 11-19