EXPERIMENTAL COMPARISONS OF AUCTIONS UNDER SINGLE‐AND MULTI‐UNIT DEMAND

Abstract

An English clock auction and a sealed‐bid auction with lowest accepted‐bid pricing are studied in a controlled laboratory setting. Buyers bid for either a single unit or two units of the good. The sealed‐bid auction generates more revenue than the English clock auction in both cases. The revenue from the English clock auction is lower in the two‐unit demand environment than in the single‐unit demand environment, due to strategic demand reduction on the part of bidders. (JEL C92, D44)

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