第17章拍卖课件.pptVIP

第17章 拍卖 什么东西在拍卖? 艺术品、土地、汽车、邮票、矿产等. Q: 为什么拍卖? 谁在拍卖? 艺术品、土地、汽车、邮票、矿产等的业主. Q: 为什么拍卖? A: 因为市场不完善,难以发现产品的真实价值. 拍卖有助于获得信息. 拍卖方式 英国式: 拍卖公开进行 有最低价格 --通过加价,提高价格 价高者得 拍卖方式 密封拍卖: 报价保密 同时出价 价优者得 拍卖方式 维克里拍卖: 报价保密 同时出价 价优者得 商品由出价最高者获得,但只支付第二高投标人的价格 拍卖方式 荷兰式拍卖: 先宣布一个高价,价格逐渐下降 第一个买家出现后成交. 保留价格 拍卖者愿意出让商品的最低价格. 经济学家对拍卖的分类 私人价格拍卖: 每一个买家知道自己对拍卖商品的评价; 这些评价相互独立. 经济学家对拍卖的分类 公共价值拍卖: 拍卖品对买家有相同的价值 买家对商品有不同的估价. 拍卖设计 目标: 帕累托效率 利润最大化. 拍卖设计 帕累托效率: 设计一种拍卖,一实现一个帕累托效率的结果. 哪种拍卖是帕累托效率的? 拍卖与效率 没有保留价格的英国式拍卖是有效率的. 价高者得. Auctions and Efficiency English auction with a reserve price need not be efficient since if the reserve price is set above the (unknown to the seller) highest buyer valuation, then there will be no sale and so no gains-to-trade. Auctions and Efficiency Dutch auction need not be efficient. No buyer knows other buyers’ valuations, so the highest valuation buyer may delay too long and lose to another bidder. Auctions and Efficiency Sealed-bid first-price auction need not be efficient. No buyer knows other buyers’ valuations, so the highest valuation buyer may bid too low and lose to another bidder. Auctions and Efficiency Sealed-bid second-price auction is Pareto efficient even though no buyer knows the other buyers’ valuations (more on this later). Why Use a Reserve Price? Suppose there are 2 buyers. The seller believes each buyer’s valuation is $20 with chance 1/2 and $50 with chance 1/2. I.e. with chance 1/4 each, the seller believes she faces buyer valuations ($20,$20), ($20,$50), ($50,$20) and ($50,$50). Why Use a Reserve Price? I.e. with chance 1/4 each, the seller believes she faces buyer valuations ($20,$20), ($20,$50), ($50,$20) and ($50,$50). Use an English auction. Bids must be raised by at least $1. With chance 1/4 each, winning bids will be $20, $21, $21 and $50 if there is no reserve price. Why Use a Reserve Price? With chance 1/4 each, winning bids will be $20, $21, $21 and $50 if there is no reserve price. Seller’s expected revenue is($20 + $21 + $21 + $50)/4 = $2