Sequential auctions: theory and evidence from the Seattle Fur Exchange
构建了一个模型，刻画西雅图毛皮交易所中相同毛皮批次序贯拍卖、加价幅度固定以及赢家有权开启下一轮竞拍的特点，理论预测与数据吻合，并探讨了收入含义。
We develop a model that incorporates salient features of the Seattle Fur Exchange: identical lots of furs are auctioned sequentially, bids must be raised by specified increments, and the winner of a lot has the privilege of beginning the bidding on the subsequent lot. Predictions of the theory are consistent with the data. Revenue implications of the theory are also explored .