Strategic price discounting and rationing in uniform price auctions |
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| Authors: | Sylvain Bourjade |
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| Institution: | aToulouse Business School, 20 Boulevard Lascrosses, 31068 Toulouse, France |
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| Abstract: | I modify the uniform-price auction rules in allowing the seller to ration bidders. This allows me to provide a strategic foundation for underpricing when the seller has an interest in ownership dispersion. Moreover, many of the so-called “collusive-seeming” equilibria disappear. |
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| Keywords: | Uniform price auctions Rationing Uncertainty Initial public offerings |
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