I modify the uniform-price auction rules in allowing the seller to ration bidders. This allows me to provide a strategic foundation for underpricing when the seller has an interest in ownership dispersion. Moreover, many of the so-called "collusive-seeming" equilibria disappear.
CITATION STYLE
Weron, R., Simonsen, I., & Wilman, P. (2004). Modeling highly volatile and seasonal markets: evidence from the Nord Pool electricity market. In The Application of Econophysics (pp. 182–191). Springer Japan. https://doi.org/10.1007/978-4-431-53947-6_25
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