Equilibrium price paths in sequential auctions with stochastic supply

被引：45
|
作者：
Jeitschko, TD [1 ]
机构：
[1] Texas A&M Univ, Dept Econ, College Stn, TX 77843 USA
来源：
ECONOMICS LETTERS | 1999年 / 64卷 / 01期
关键词：
auctions; sequential auctions; declining price anomaly;
D O I：
10.1016/S0165-1765(99)00066-X
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In many sequential auctions supply is unknown ex ante. Consequently, price formation depends on information regarding supply: uncertain supply reduces the 'option value' and yields declining prices. However, prices increase if it becomes known that supply falls short of expectations. (C) 1999 Elsevier Science S.A. All rights reserved. JEL classification: D44.
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页码：67 / 72
页数：6
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