Note on “Guarantees in Auctions: The Auction House as Negotiator and Managerial Decision Maker”
指出Greenleaf等人1993年分析中的两个错误，修正后表明有担保的拍卖比传统拍卖带来更高的预期总收益，但谈判担保条款可能损害拍卖行利润。
In this note, we identify two errors in Greenleaf, Rao, and Sinha's (1993) analysis of negotiation of guarantees in auctions. This note provides a high-level but self-contained summary of the revised results. We find that, in contrast with the earlier claim, guaranteed auctions lead to greater total expected revenue than conventional auctions. The ability to bargain over guarantee values and commissions certainly benefits sellers but may hurt the profits of auction houses. We relate these results to recent events in auction markets.