Low-Revenue Equilibria in Simultaneous Ascending-Bid Auctions
研究同步增价多单位拍卖中，参与者以低于竞争市场价格获得商品的低收益均衡现象，分析其存在的温和条件，并探讨消除该均衡的潜在方法。
Low-revenue equilibria allow participants in an auction to obtain goods at prices lower than would prevail in a competitive market. These outcomes are generated as perfect equilibria of ascending-bid, multiunit auctions. We show that these equilibria are possible under mild conditions—conditions that are likely to prevail in many situations where auction formats have recently been adopted. We argue that these equilibria could explain the low revenues of some recent auctions, and discuss potential remedies to eliminate low-revenue equilibria.