A Dynamic Model of Auctions with Buy-Out: Theory and Evidences
2006/06/20
研討會日期 : 2006-06-20
時間 : 15:00
主講人 : Prof. Chien-Fu Chou
地點 : C棟103會議室
演講者簡介 : Prof. Chien-Fu Chou為耶魯大學經濟學博士。
現為台灣大學經濟系教授。
其主要研究領域為個體理論及產業組織。
演講摘要 : The paper considers an ascending price independent value auction, in which the buyers are given the additional option to obtain the object immediately by paying a fixed price (the buy-out price). We completely characterize the optimal bidding strategy of the bidder and the optimal buy-out price of the seller. We show that the more risk-averse a buyer, the earlier is he willing to buy out the object. The seller’s optimal buy-out price is decreasing in his own degree of risk-aversion, and increasing in that of the buyer. The expected transaction price and the expected utility of the seller are higher with the buy-out option. Moreover, the higher the buy-out price, the higher is the expected transaction price. Finally, contrary to the usual ascending price auctions, the longer it takes for an item to be sold, the lower is its transaction price. All the theoretical predictions are confirmed in the data we collect.
