A multiunit auction mechanism for allocating heterogeneous (different) objects. The highest bidder in the first round selects one object among those
offered for sale. Then, a second round commences in which all but the previously selected object are available. The auction continues for as many rounds as there are objects.
updated: 12 August 2005
HOW TO CITE THIS ENTRY
- To learn more:
- See news articles on auctions.
- Try a winner's curse applet on the applets page.
- Read about auction experiments at e-Economics.net.
- Learn about auctions by reading lecture notes.