具有撤销权的拍卖模型

对于拍卖品的最终估价,投标人面临着不确定性,在拍卖之后不确定性得到消除。在第一价格密封拍卖环境下,从拍卖方来说,引进具有撤销权的拍卖可能是适宜的。当存在拍卖品给投标人带来负的或较低效用的情况时,通过引进有撤销权拍卖,可改善拍卖方的预期收益;而当拍卖品给投标人带来较高效用时,拍卖方的预期收益在不采用撤销权的拍卖中更高,拍卖人就没有兴趣采用有撤销权的拍卖方式。

A Model of Auctions with Withdrawal Rights

In this paper,we discuss a model in which bidders in an auction are faced with uncertainty as to their final valuation of the auctioned object.The uncertainty is resolved after the auction has taken place.A withdrawal right may be desirable in an auction from the seller's point of view.The expected revenue for seller will be made better off,by introducing a withdrawal right when there is a state in which the object gives dis-utility to the bidders.When the object gives higher utility,however,the expected revenue from an auction without a withdrawal right is strictly greater than the expected revenue from an auction with a withdrawal right and it is not in the seller's best interests to apply a withdrawal right.