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Asker, John. 2010. "A Study of the Internal Organization of a Bidding Cartel."
,
100(3): 724-62.
Show Article Details
DOI: 10.1257/aer.100.3.724
Abstract:This paper examines bidding in over 1,700 knockout auctions used by a bidding cartel (or ring) of stamp dealers in the 1990s. The knockout was conducted using a variant of the model studied by Daniel Graham, Robert Marshall, and Jean-Francois Richard (1990). Following a reduced form examination of these data, damages, induced inefficiency, and the ring's benefit from colluding are estimated using a structural model in the spirit of Emmanuel Guerre, Isabelle Perrigne, and Quang Vuong (2000). A notable finding is that nonring bidders
suffered damages that were of the same order of magnitude as those of the sellers. (JEL D43, D44, L12)
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Authors:
Asker, John (NYU)
JEL Classifications:
D43: Market Structure and Pricing: Oligopoly and Other Forms of Market Imperfection
D44: Auctions
L12: Monopoly; Monopolization Strategies
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