Working Paper
A Sealed-Bid Auction that Matches the English Auction
Motty Perry, Elmar G. Wolfstetter, Shmuel Zamir
Munich CESifo, 2000
CESifo Working Paper No. 249
Munich CESifo, 2000
CESifo Working Paper No. 249
This paper analyzes a two-stage sealed-bid auction that is frequently employed in privatization, takeover, and merger and acquisition contests. This auction format yields the same expected revenue as the open ascending (English) auction, yet is less susceptible to preemptive bidding and collusion.
Keywords: Auctions
JEL Classification: D440