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The Role of the Buyout Price in the Internet Auction
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- Authors
- Issue Date
- 2004-12
- Citation
- Seoul Journal of Business, Vol.10 No.2, pp. 17-26
- Keywords
- Internet auctions ; Buyout price ; Maximum acceptable bid level ; Auction formats
- Abstract
- We consider an Internet auction with the buyout price as an
optional feature. Under IID assumption and risk-neutral buyers, we
show that the expected revenue to the seller from the Internet auction
with the buyout price is larger than the expected revenue from the
Internet auction without the buyout price. Moreover, given the uniform
distribution for reservation values, the revenue gain of employing the
buyout price option is getting smaller as the number of potential buyers
becomes larger.
- ISSN
- 1226-9816
- Language
- English
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