Allotment in first-price auctions: an experimental investigation
通过实验研究独立私人价值拍卖中物品分配为同质单位的影响，比较捆绑拍卖与两种分配形式（歧视性拍卖和同时单一单位拍卖），发现分配导致效率损失，并基于协调问题和行为偏好解释结果。
Abstract We experimentally study the effects of allotment—the division of an item into homogeneous units—in independent private value auctions. We compare a bundling first-price auction with two equivalent treatments where allotment is implemented: a two-unit discriminatory auction and two simultaneous single-unit first-price auctions. We find that allotment in the form of a discriminatory auction generates a loss of efficiency with respect to bundling. In the allotment treatments, we observe large and persistent bid spread, and the discriminatory auction is less efficient than simultaneous auctions. We provide a unified interpretation of our results that is based on both a non-equilibrium response to the coordination problem characterizing the simultaneous auction format and a general class of behavioral preferences that includes risk aversion, joy of winning and loser’s regret as specific cases.