Auctions for Initial Sale of Annual Catch Entitlement

Christopher M. Anderson and Daniel S. Holland

Land Economics, 2006, vol. 82, issue 3, 333-352

Abstract: We use a laboratory experiment, calibrated to a representative New Zealand fishery, to assess three sealed-bid, multi-unit demand auction mechanisms under consideration for allocating quota for species being introduced into the Quota Management System. These auctions allocate the K units to the K highest bids, but prices are determined according to discriminative, Kth price, and K + 1st price rules. In our experiment, the auctions are equally efficient, but revenue is highest in the discriminative auction, and lowest in the K + 1st price auction. Results are robust to industry subjects, and subjects are responsive to the across-unit bidding incentives present in multi-unit demand auctions.

JEL-codes: Q22 (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (6)

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