A SIMULATED STUDY OF AN AUCTION MARKET

R.B. Whan and Robert A. Richardson

Australian Journal of Agricultural Economics, 1969, vol. 13, issue 2, 10

Abstract: A simulated model of an auction market is developed showing the relationship between the variation in valuations, the price variation and the number of independent bidders in the market. Average prices paid in a market with two or three bidders are less than average valuations. Average prices are progressively greater than average valuations as the number of bidders increases beyond four. Some applications of this model in the Australian wool market are discussed.

Keywords: Marketing (search for similar items in EconPapers)
Date: 1969
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:ajaeau:23005

DOI: 10.22004/ag.econ.23005

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