Auction Format and Auction Sequence in Multi‐item Multi‐unit Auctions: An Experimental Study
通过实验比较密封投标、封闭时钟和开放时钟三种拍卖形式，以及同时拍卖与顺序拍卖两种顺序，发现同时拍卖时时钟形式优于密封投标，但顺序拍卖时优势消失，且顺序拍卖因首轮竞争更激烈而提高总收入。
We experimentally study the effect of auction format (sealed-bid vs. closed clock vs. open clock) and auction sequence (simultaneous vs. sequential) on bidding behaviour and auction outcomes in auctions of multiple related multi-unit items. Prominent field applications are the sale of emission permits, fishing rights, and electricity. We find that, when auctioning simultaneously, clock auctions outperform sealed-bid auctions in terms of efficiency and revenues. This advantage disappears when the items are auctioned sequentially. In addition, auctioning sequentially has positive effects on total revenues across all auction formats, resulting from fiercer competition on the item auctioned first.