مزایده تقاضای چند واحدی با هم افزایی: پیشنهاد مهر و موم شده در مقابل پیشنهاد صعودی مزایده های قیمت لباس

We construct a relatively simple model of bidding with synergies and solve it for both open outcry and sealed-bid uniform-price auctions. The essential behavioral forces involved in these auctions are: (1) A demand reduction force resulting from the monopsony power that bidders with multiple-unit demands have when synergies are relatively inconsequential, and (2) Bidding above stand-alone values in order to capture significant complementarities between units. The latter creates a potential “exposure problem,” as bidders may win only parts of a package and earn negative profits. Bidding outcomes are closer to equilibrium in clock compared to sealed-bid auctions. However, there are substantial and systematic deviations from equilibrium, with patterns of out-of-equilibrium play differing systematically between the two auction formats. These patterns of out-of-equilibrium play are analyzed, along with their effects on revenue and efficiency.