Auctions for initial sale of annual catch entitlement.

摘要

A laboratory experiment, calibrated to a representative New Zealand fishery, was used to assess three sealed-bid, multi-unit demand auction mechanisms under consideration for allocating quota for species being introduced into the quota management system. These auctions allocate the K units to the K highest bids, but prices are determined according to discriminative, Kth price, and K+1st price rules. In the experiment, the auctions are equally efficient, but revenue is highest in the discriminative auction, and lowest in the K+1st price auction. Results are robust to industry subjects, and subjects are responsive to the across-unit bidding incentives present in multi-unit demand auctions..