英文标题：
《Descending Price Optimally Coordinates Search》
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作者：
Robert Kleinberg, Bo Waggoner, E. Glen Weyl
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最新提交年份：
2016
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英文摘要：
  Investigating potential purchases is often a substantial investment under uncertainty. Standard market designs, such as simultaneous or English auctions, compound this with uncertainty about the price a bidder will have to pay in order to win. As a result they tend to confuse the process of search both by leading to wasteful information acquisition on goods that have already found a good purchaser and by discouraging needed investigations of objects, potentially eliminating all gains from trade. In contrast, we show that the Dutch auction preserves all of its properties from a standard setting without information costs because it guarantees, at the time of information acquisition, a price at which the good can be purchased. Calibrations to start-up acquisition and timber auctions suggest that in practice the social losses through poor search coordination in standard formats are an order of magnitude or two larger than the (negligible) inefficiencies arising from ex-ante bidder asymmetries.
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中文摘要：
在不确定的情况下，调查潜在的购买往往是一项巨大的投资。标准的市场设计，如同步拍卖或英文拍卖，会使这一点更加复杂，因为投标人为了获胜必须支付的价格不确定。因此，他们往往会混淆搜索过程，既会导致对已经找到好买家的商品进行浪费性信息获取，也会阻止对物品进行必要的调查，从而可能消除所有贸易收益。相比之下，我们发现荷兰拍卖保留了标准设置下的所有财产，没有信息成本，因为它在获取信息时保证了商品的购买价格。对初创企业收购和木材拍卖的校准表明，在实践中，标准格式中搜索协调不善造成的社会损失，比投标人事前不对称造成的（可忽略的）低效率要大一到两个数量级。
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分类信息：

一级分类：Computer Science        计算机科学
二级分类：Computer Science and Game Theory        计算机科学与博弈论
分类描述：Covers all theoretical and applied aspects at the intersection of computer science and game theory, including work in mechanism design, learning in games (which may overlap with Learning), foundations of agent modeling in games (which may overlap with Multiagent systems), coordination, specification and formal methods for non-cooperative computational environments. The area also deals with applications of game theory to areas such as electronic commerce.
涵盖计算机科学和博弈论交叉的所有理论和应用方面，包括机制设计的工作，游戏中的学习（可能与学习重叠），游戏中的agent建模的基础（可能与多agent系统重叠），非合作计算环境的协调、规范和形式化方法。该领域还涉及博弈论在电子商务等领域的应用。
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一级分类：Quantitative Finance        数量金融学
二级分类：Economics        经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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