On the asymptotic distribution of the transaction price in a clock model of a multi-unit, oral, ascending-price auction within the common-value paradigm.

Using a clock model of a multi-unit, oral, ascending-price auction, within the common-value paradigm, we analyze the behavior of the transaction price as the numbers of bidders and units gets large in a particular way. We find that even though the transaction price is determined by a fraction of los...

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Bibliographic Details

Published in:	RAND Journal of Economics (Wiley-Blackwell) Vol. 44; no. 4; pp. 664 - 686
Main Authors:	Hong, Han, Paarsch, Harry J., Xu, Pai
Format:	Article
Published:	Wiley-Blackwell Winter2013
Subjects:	Asymptotic distribution Transaction costs Auctions Bidders Gaussian distribution Automobile license plates
Online Access:	View this record in EBSCOhost