System and Method for an Auction of Multiple Types of Items
Lawrence M. Ausubel (),
Peter Cramton () and
Wynne P. Jones ()
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Lawrence M. Ausubel: Economics Department, University of Maryland, http://www.econ.umd.edu
Papers of Peter Cramton from University of Maryland, Department of Economics - Peter Cramton
An improved system and method for a computer-implemented auction in which multiple types of items are auctioned together without imposing a particular division of supply or demand among the individual types of items. In some embodiments the auction of the present invention provides a means or method for establishing prices for the types of items, wherein the prices maintain a relationship. In other embodiments, the present invention provides a means or method for implying prices from price parameters in the bids received form bidders, based on a relation among the prices for the types of items. Market clearing may be defined by the condition that the aggregate quantity bid for all types of items is less than or equal to the available quantity of all types of items. The division among the types of items within is thus determined flexibly, based on the bids at the associated prices. In other embodiments, market clearing is defined by the condition that the quantity bid for one selected type of item is less than or equal to the available quantity of the selected type of item. The quantities of the other types of items are thus determined flexibly, based on the bids at the associated prices.
Keywords: Auctions; clock auctions; spectrum auctions; market design (search for similar items in EconPapers)
JEL-codes: D44 C78 L96 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2012, Revised 2012
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Published in US Patent No. 7,899,734 B2 issued 1 March 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pcc:pccumd:11acjam
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