Games and Economic Behavior · 2026 · Isa Hafalir、Onur Kesten、Donglai Luo、Katerina Sherstyuk、Cong Tao
中文摘要
我们研究伊斯坦布尔鲜花市场中使用的一种独特拍卖形式,该形式可依据竞拍者的竞价行为转变为荷兰式拍卖或英式拍卖。通过引入一种随时间推移而降低易腐品价值的时间成本,我们探讨这种混合拍卖形式如何通过自适应的起始价格满足对速度的需求。我们证明,在拍卖人的效用方面,伊斯坦布尔鲜花拍卖优于荷兰式拍卖和英式拍卖。借助数值分析,我们还展示了伊斯坦布尔鲜花拍卖在社会福利和拍卖时长方面的优越性。我们的结果凸显了当拍卖过程的时长至关重要时,拍卖设计在改善福利方面的关键作用。
Abstract
We examine a unique auction format used in the Istanbul flower market, which could transform into either Dutch or English auction depending on bidders’ bidding behaviors. By introducing a time cost that reduces the value of a perishable good as time passes, we explore how this hybrid auction format accommodates the desire for speed via an adaptive starting price. We show that the Istanbul Flower Auction outperforms both the Dutch and English auctions in terms of the auctioneer’s utility. With numerical analysis, we also illustrate the Istanbul Flower Auction’s superiority in terms of social welfare and auction duration. Our results highlight the critical role of auction design in improving welfare when the duration of the auction process matters.