考虑佣金率的一口价拍卖模型

针对现实拍卖中卖方通常将拍品委托给拍卖行进行拍卖,建立了带佣金率和保留价的一口价拍卖模型.运用博弈理论,首先分析了投标者的均衡策略,然后在给定佣金率的前提下研究了卖方的最优保留价和最优一口价,接着在给定保留价和一口价的前提下研究了拍卖行的最优佣金率研究发现:与不考虑佣金率的情形不同,在考虑佣金率的模型中,一口价有正的概率被投标者选择,即卖方在拍卖中设置一口价可以提高其收益,且卖方的最优保留价大于不设置一口价的模型中的最优保留价;拍卖行的最优佣金率小于不设置一口价的模型中的最优佣金率.

Auctions with commission rate and buyout price

In reality, the seller tends to sell objects vas the auction held by auction house. In such situation, this paper constructs an auction model with commission rate and a buyout price within the independent private values (IPV) paradigm. Based on the game theory, the bidders' equilibrium bidding strategies are determined. From the seller's perspective, the optimal reserve price and the optimal buyout price are determined. And from the auction house's perspective, the optimal commission rate is obtained. The result shows that: the buyout option is exercised with positive probability in the model with commission rate which differs from the model without commission rate, thus the seller has an incentive to set a buyout price in auctions, and the seller chooses a higher reserve price than he sets in an auction without a buyout option; the auction house sets an lower commission rate than he chooses in an auction without a buyout option.