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英式拍卖究竟以哪种价格成交?

huahuaniu:

请问关于英式拍卖。一种说法是,以最高价成交,另一种说法是以次高价成交,

到底是以那种价格成交?


zqdong:
 
英式拍卖是升价方式拍卖,物品属于喊出最高价的人,并且这个人支付其喊出的价格。
这种拍卖等同于二级价格拍卖,因为获得物品的出价者并不必须叫出自己的保留价格,他只需要比第二价格高一点就可以了。


ljzx:

在独立私人价值拍卖中同意zqdong的回复,其它情况则不然。但是英式拍卖在实际使用时有多种不同的形式,便于模型化处理的是如milgrom and weber1981年的著名论文中的日本的方式,即每个参与人开始时都按住自己面前的灯的按钮,当价格超过某一价值时,参与人松开按钮,此后不得再参与。但是现实中经常见到公开叫价拍卖,参与人开始可以不应价,以后在甚至最后才应价,并成为赢者,可能这种类型很难模型化吧。

英式拍卖肯定是以叫出的最高价成交。


wgx777:

如果以次高价成交,就叫二级价格拍卖了。


无话可说:
 
根据Paul.Klemperer1999年发表在JES上的《拍卖理论:一个文献导述》中关于英式拍卖的描述,英式拍卖(english auction),也就是asecending--bid auction 的别称,而a asecending--bid auction 就是升价拍卖,在asecending--bid auction 中,the prices is successively raised until only one bidee remains,and that bidder wins the object at final price,this auction can be run by having the seller announce prices,or by having the bidder call out prices themselves.而在很多拍卖理论研究者则叫做日本式拍卖:the price rises continuously while bidder gradually quit the auction。
正如学友 ljzx所说的,英式拍卖肯定是以叫出的最高价成交的,但是不理解其为何要将用私人价值模型来说这个问题,再说不管是私人价值模型,还是共同价值模型都不是区别这个问题的要点。
众所周知,拍卖理论的四个被广泛运用和分析的类型是:1、asecending--bid auction 。2、dsecending--bid auction。3、first--price sealed bid auction。4、second--price sealed bid auction。
而拍卖的基本模型则分为:
1、私人价值模型。in the basic private --value model each bidder knows how much she values the object for sale,but her value is private information to herself.
2、共同价值模型。in the pure common--value modle,by contrast, the actual valueh is the same for evryone ,but bidders have different private information about what that value actual is.


zqdong


ljzx:

私人价值模型和共同价值模型仅仅是milgrom and weber的affiliated value的两种特例,我之所以提到私人价值模型和非私人价值模型是针对zqdong所说的英国式拍卖的收益等于Vickrey的第二价格拍卖,这是收入等价性定理的结论,当然这只有在独立私人价值模型才成立,而在affiliated value拍卖中milgrom and weber的theorem 11的结论是“The expexted price in English auction is not less than that in second price auction"


huahuaniu:

In the book named Auction Theory by Vijay Krishna, about English Auction,
The open ascending price or English auction is the oldest and perhaps most prevalent auction form. In one variant of the English auction, the sale is conducted by an auctioneer who begins by calling out a low price and raises it, typically in small increments, as long as there are at least two interested bidders. The auction stops when there is only one interested bidder. one way to formally model the underlying game is to postulate that the price rises continuously and each bidder indicates an interst in purchasing at the current price in a manner apparent to all by, say, raising a hand. Once a bidder finds the price to be too high, he signals that he is no longer interested by lowering his hand. The auction ends when only a single bidder is still interested. This bidder wins the object and pays the auctioneer an amout equal to the price at which the second-last bidder dropped out.


To ljzx,
if as what you said, in English auction, the winning bidder pays the price that he bids.

is English Auction still eqivalent to Second-price auction in private value?
are there expected profit still the same?

Do you still need the paper you are asking for before?
I remember i got one, but i forget where i put it.


ljzx:

is English Auction still eqivalent to Second-price auction in private value?
are there expected profit still the same?
In independent private value, the expected profits are equivalent for English Auction and Second-price auction.In affiliated private value,the expexted price in English auction is not less than that in second price auction.
I want the following paper :Itoh, H., 1993, "Coalitions, Incentives, and Risk Sharing," Journal of Economic Theory,60: 410-427.it can be download in Elsevier or Science direct.I don''t know whether you have it .Thank you!
my Email:ljz_x@l63.com


ybz96:
 
双方成交时,按照最高报价成交,该成交价是估价的次高价。


geyser:

所谓英式拍卖, 是相对于荷式拍卖而言的。 英式是从低往高叫价,最后出价的人得。而荷式,是从高往低叫价, 最先出价的人得。两者都是公开竞价方式。
而二级价格拍卖,是一种密封招标方式,物品为出价最高者得,而他只需要支付第二高的报价数额。可以严格证明,通过这种机制,可以迫使参与投标的人说出他们心中的估价。


csmlin:
 
2nd Price Sealed Bid


参阅:http://bbs.efnchina.com/dispbbs.asp?BoardID=92512&id=48573

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