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- W2187093150 abstract "We study how the auction format may affect bidder collusion in multi-object ascending price auctions. Two main treatments are considered: sequential and simultaneous auctions. Theoretically, if there are no complementarities in bidder values across objects, and bidders behave competitively, there are no efficiency reasons to prefer one auction format over the other. However, if bidders agree to collude by splitting markets, simultaneous auctions may provide more opportunities to enforce bidder collusion. Curiously, we find that, in constrast to these predictions, bidders in our experiments were able to reach and sustain collusive agreements more often in the sequential than in the simultaneous auctions. We further observed that the auction ending rules had a significant effect on bidder behavior. Initially, both sequential and simultaneous auctions were conducted under the “hard” closing rule, with the auctions open for bidding for a fixed amount of time. We observed a large amount of end-of -period bids under both auction formats. Many bidders in simultaneous auctions chose such “sniping” (Roth and Ockenfels, 2001), rather than collusion, as their preferred strategy. An additional series of simultaneous ascending price auctions conducted under the “soft” (inactivity-based) closing rule revealed that the amount of bidder collusion slightly increased under the soft closing rule. Still, in some sessions collusion never emerged." @default.
- W2187093150 created "2016-06-24" @default.
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- W2187093150 date "2001-01-01" @default.
- W2187093150 modified "2023-09-27" @default.
- W2187093150 title "Auction format and bidder collusion in multi-object ascending price auctions" @default.
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