A dynamic model of auctions with buy-it-now: Theory and evidence

Jong Rong Chen, Kong Pin Chen, Chien Fu Chou, Ching I. Huang

研究成果: 雜誌貢獻期刊論文同行評審

13 引文 斯高帕斯(Scopus)

摘要

In the ascending-price auctions with Yahoo!-type buy-it-now (BIN), we characterize and derive the closed-form solution for the optimal bidding strategy of the bidders and the optimal BIN price of the seller when they are both risk-averse. The seller is shown to be strictly better off with the BIN option, while the bidders are better off only when their valuation is high enough. The theory also implies that the expected transaction price is higher in an auction with an optimal BIN price than one without a BIN option. This prediction is confirmed by our data collected from Taiwan's Yahoo! auctions.

原文???core.languages.en_GB???
頁(從 - 到)393-429
頁數37
期刊Journal of Industrial Economics
61
發行號2
DOIs
出版狀態已出版 - 6月 2013

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