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The regulation of all pay auctions: is there need for greater regulation of online auctioneers?

D'Rosario, Michael 2017, The regulation of all pay auctions: is there need for greater regulation of online auctioneers?, Theoretical economics letters, vol. 7, no. 5, pp. 1201-1222, doi: 10.4236/tel.2017.75081.

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Title The regulation of all pay auctions: is there need for greater regulation of online auctioneers?
Author(s) D'Rosario, Michael
Journal name Theoretical economics letters
Volume number 7
Issue number 5
Article ID 77808
Start page 1201
End page 1222
Total pages 22
Publisher Scientific Research Publishing
Place of publication Irvine, Calif.
Publication date 2017-07-21
ISSN 2162-2078
2162-2086
Keyword(s) penny auction
game theory
regulation
Summary Auctions are a ubiquitous process, with auctioneers playing a critical role in serving as a bridge between buyers and sellers, and as such assisting in the process of price discovery. Given this critical role, the regulation of auctions and auctioneers is of particular concern. The emergence of online selling has raised a number of pertinent questions about how the industry should be regulated. In particular so-called penny auctions (in economic parlance “unit bid auction”) have raised a number of pertinent questions about consumer protections. Whether these online selling models constitute auctions, and whether they mirror “bricks and mortar” rivals remain pertinent questions. Moreover, the adequacy of the regulatory apparatus that moderates the activities of auctioneers operating within conventional “analogue markets” is uncertain when such apparatus is applied to “digital markets” involving online selling through auction like processes. The current study considers need for regulation of unit bit auction in light of the underlying economics of such auction models. The model suggests that enhanced disclosure and greater regulation may ultimately be necessary.
Language eng
DOI 10.4236/tel.2017.75081
Field of Research 1502 Banking, Finance and Investment
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2017, The Author and Scientific Research Publishing
Free to Read? Yes
Use Rights Creative Commons Attribution licence
Persistent URL http://hdl.handle.net/10536/DRO/DU:30103731

Document type: Journal Article
Collections: Faculty of Business and Law
Open Access Collection
Department of Finance
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Every reasonable effort has been made to ensure that permission has been obtained for items included in DRO. If you believe that your rights have been infringed by this repository, please contact drosupport@deakin.edu.au.