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There is an idea related to this: an English auction is the familiar auction where the bidders submit increasing bids, until no one will bid higher. An alternative is a sealed bid second auction: everyone submits a sealed bid, the [View full text and thread]
In the auction literature that I know of, time saving is not a major concern becasue the model usually assume discount rate equals one. In such kind of setting, the scheme you have propose does not change any thing, i.e. the buyers will bid their true value in a seal-high-bid auction. The story you have also seem like a "double auction", where both buyer and seller submit bids. I am not familar with this. If time saving is a big concern, it seems optimal for the buyers to just submit "one bid"-- their true value. I can not see the purpose of submitting different bids for the same amount of good.
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| 04/12/2000 05:31 AM by Martin; multiple blind bids |
When buying something like a house it's usual to make a bid below the asking price, which is then rejected but the price is reduced a little, whereupon a higher bid is made until (maybe) the parties agree somewhere in the middle. This [View full text and thread]
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