Reservation Price Announcement in Sealed Bid Auctions
研究买方在密封投标拍卖中是否公告保留价以及如何策略性公告保留价对采购成本的影响，发现不公告或虚假低报保留价可降低预期成本。
This article compares the strategic announcement of a reservation price by a bid-taking buyer in a first-price sealed bid auction with the strategy of no announcement. Simulation results indicate that an operative ceiling price that is unknown to bidders will yield lower supply costs to the buyer than when the latter announces the reservation price truthfully. However, given enough bidders, the buyer can achieve an even lower expected cost of supply by announcing a falsely low reservation price. Copyright 1993 by Blackwell Publishing Ltd.