Package Auctions

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This research project explores the performance of different package auction designs in different environments. Past research shows that package auction mechanisms can be effective in settings where market clearing prices do not exist and standard auctions are expected to perform poorly. This project extends the PI's research with his collaborator Paul Milgrom of Stanford University in several directions by conducting laboratory experiments combined with simulation methods to test the game theoretic models. The team explores whether different bidding languages lead to different and better results. They measure the impact of constraints, like budget constraints, that are faced by institutional bidders.This project has broader impact because the results will help auction designers to identify the pros and cons of different auction formats in different environments. Individuals, firms, or governments who seek to use auctions will have more comprhensive knowledge when choosing the specific methods used to conduct their auctions.