| Abstract: |
We compare, experimentally, the Vickrey auction and an ascending-price auction
recently introduced by Ausubel (1997). We evaluate the relative performance of
both auctions in terms of efficiency and revenue in multi-unit environments
where valuations either have a common-value component or are private
information. We find that the Ausubel auction is less prone to overbidding and
may yield higher revenue than the Vickrey auction. The gain in revenue seems
to be coupled with a loss of efficiency. |