Posted prices vs. negotiations

Abstract

The design of optimal auctions focuses on ways to negotiate with the bidders for eliciting relevant information that they hold. Sometimes, however, decisions should be made very quickly, and the auctioneer cannot allow a costly iterative procedure of negotiation or waiting for bidders to determine their exact valuation. One solution that has been used in practice is to post prices for the bidders, without collecting any information from the bidders, and ask for their immediate take-it-or-leave-it response.

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