Vickrey Auctions in Practice
From Nineteenth-Century Philately to Twenty-First-Century E-Commerce
Bibliographic Data
| ID | 4030166 |
|---|---|
| Authors | David Lucking-Reiley (Vanderbilt University, Nashville, Tennessee.), David Lucking‐Reiley (Vanderbilt University, corresponding author) |
| Year | 2000 |
| Volume | 14 |
| Issue | 3 |
| Pages | 183-192 |
| Publication date | 2000-08-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic Perspectives (JOURNAL) |
| Journal identifiers | ISSN: 0895-3309 • E-ISSN: 1944-7965 |
| Publisher | American Economic Association (PUBLISHER • US) |
| DOI | 10.1257/jep.14.3.183 |
| OpenAlex | W2022433787 |
| Language | EN |
| Citations received | 5 |
| References cited | 7 |
William Vickrey (1961) proposed an auction mechanism in which bidders submit sealed bids, and the highest bidder wins the good in return for payment of the second-highest bid amount. For decades, economists have credited Vickrey with inventing this auction format, and have believed that the Vickrey auction is rarely used in practice. This paper presents evidence that Vickrey auctions have long been the predominant auction format for mail sales of collectible postage stamps. Stamp auctioneers developed this auction format on their own, as early as 1893, even before Vickrey was born
Auction theory · Collectable · Common value auction · Economics · English auction · Generalized second-price auction · Microeconomics · Payment · Political science · Proxy bid · Vickrey auction · Vickrey–Clarke–Groves auction · Art History and Market Analysis · Auction Theory and Applications · Consumer Market Behavior and Pricing · Law · Finance
| Unique citing works | 5 |
|---|---|
| Citations per year | 0,24 |
| Citation span | 2005 - 2024 (20) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 5 |