Reservation Price Announcement in Sealed Bid Auctions: Comment

John Schroeter

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: In a 1993 paper in the Journal of Industrial Economics, Carey studies the problem of reservation price announcement in sealed bid procurement auctions. Assuming that the auctioneer/monopsonist has a self-supply option and is motivated by the desire to minimize the expected total cost of procurement, she investigates the auctioneer's decision to announce a reservation price and the level at which it should be set. Carey's analysis includes some errors, however. This comment proposes corrections. I begin by describing the auction setting.

Date: 1996-08-01
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Working Paper: RESERVATION PRICE ANNOUNCEMENT IN SEALED BID AUCTIONS: COMMENT (1996)
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