Competing Auctions
证明大型拍卖比小型拍卖更有效率，但规模效应下，两个规模不同且其他方面相同的竞争市场或拍卖网站仍可共存于均衡中。均衡市场规模范围取决于总买卖比率及市场是否特别稀薄。
This paper shows that larger auctions are more efficient than smaller ones, but that despite this scale effect, two competing and otherwise identical markets or auction sites of different sizes can coexist in equilibrium. We find that the range of equilibrium market sizes depends on the aggregate buyer—seller ratio, and also whether the markets are especially thin.