The modified Vickrey double auction

Kiho Yoon

doi:10.1006/jeth.2000.2736

The modified Vickrey double auction

Kiho Yoon

Research output: Contribution to journal › Article

20 Citations (Scopus)

Abstract

We modify W. Vickrey's (1961, J. Finance 16, 8-37) mechanism for call markets by introducing the participation stage and study the efficiency properties of the modified mechanism. We provide sufficient conditions under which the modified Vickrey double auction achieves full efficiency. In addition, we prove that the modified Vickrey double auction achieves asymptotic efficiency even when full efficiency cannot be achieved. Journal of Economic Literature Classification Numbers: C72, D44, D82.

Original language	English
Pages (from-to)	572-584
Number of pages	13
Journal	Journal of Economic Theory
Volume	101
Issue number	2
DOIs	https://doi.org/10.1006/jeth.2000.2736
Publication status	Published - 2001 Dec 1
Externally published	Yes

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Keywords

Dominant strategy
Double auction
Efficiency
Multilateral bargaining

ASJC Scopus subject areas

Economics and Econometrics

Cite this

Yoon, K. (2001). The modified Vickrey double auction. Journal of Economic Theory, 101(2), 572-584. https://doi.org/10.1006/jeth.2000.2736

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Access to Document

10.1006/jeth.2000.2736