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pith:PQ7V5EI2

pith:2024:PQ7V5EI2S4L7H6EV3UL2R646GC
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Uniform price auction with quantity constraints

Kiho Yoon

A low price equilibrium is the only possible equilibrium when no bidder's quantity constraint covers the entire supply.

arxiv:2409.04047 v2 · 2024-09-06 · econ.TH

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Claims

C1strongest claim

We show that a low price equilibrium is the only possible equilibrium when no bidder's quantity constraint is large enough to cover the supply.

C2weakest assumption

The modeling assumption that all bidders have flat demands up to their respective quantity constraints (rather than downward-sloping demands) and that the auction uses a uniform price rule with many asymmetric bidders.

C3one line summary

In uniform price auctions with asymmetric bidders having quantity-constrained flat demands, low-price equilibria are the unique outcome when no bidder's cap covers total supply.

References

18 extracted · 18 resolved · 0 Pith anchors

[1] ACER’s final assessment of the EU wholesale ele ctricity market design, 2022
[2] Price stability in mult i-unit auctions, 2018
[3] Demand reduction and inefficiency in multi-unit auctions, 2014
[4] Auctions of divisible goods: O n the rationale for the treasury experiment, 1993
[5] Uniform price auctions w ith a last accepted bid pricing rule, 2020
Receipt and verification
First computed 2026-06-03T01:05:03.634584Z
Builder pith-number-builder-2026-05-17-v1
Signature Pith Ed25519 (pith-v1-2026-05) · public key
Schema pith-number/v1.0

Canonical hash

7c3f5e911a9717f3f895dd17a8fb9e30913530b4e14cb76cbaf7f329614cc9a5

Aliases

arxiv: 2409.04047 · arxiv_version: 2409.04047v2 · doi: 10.48550/arxiv.2409.04047 · pith_short_12: PQ7V5EI2S4L7 · pith_short_16: PQ7V5EI2S4L7H6EV · pith_short_8: PQ7V5EI2
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Verify this Pith Number yourself 
curl -sH 'Accept: application/ld+json' https://pith.science/pith/PQ7V5EI2S4L7H6EV3UL2R646GC \
  | jq -c '.canonical_record' \
  | python3 -c "import sys,json,hashlib; b=json.dumps(json.loads(sys.stdin.read()), sort_keys=True, separators=(',',':'), ensure_ascii=False).encode(); print(hashlib.sha256(b).hexdigest())"
# expect: 7c3f5e911a9717f3f895dd17a8fb9e30913530b4e14cb76cbaf7f329614cc9a5
Canonical record JSON 
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  "metadata": {
    "abstract_canon_sha256": "ca4ece4f0765360a512ab7efe7c82f921061bc6af78dce2cdd63deaa5c7724c5",
    "cross_cats_sorted": [],
    "license": "http://creativecommons.org/licenses/by/4.0/",
    "primary_cat": "econ.TH",
    "submitted_at": "2024-09-06T06:35:10Z",
    "title_canon_sha256": "e8e6b45f48b4468f411ac24f2c76d82fef1504ff9599571408371deb395058e7"
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  "schema_version": "1.0",
  "source": {
    "id": "2409.04047",
    "kind": "arxiv",
    "version": 2
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}