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本文通过引入佣金率和保留价,分别讨论了一级和二级价格密封式拍卖,得到以下结论:(1)两种密封式拍卖的均衡报价随佣金率的提高而减少;(2)一级价格密封式拍卖的均衡报价随保留价的增加而增加,而二级价格密封式拍卖的均衡报价随保留价的增加而减少;(3)一级价格密封式拍卖的投标者预期收益与佣金率和保留价均呈反向变动,而二级价格密封式拍卖的投标者预期收益独立于佣金率和保留价;(4)收益等价定理仍然成立;(5)在两种密封式拍卖中,当佣金率增加时,卖方的预期收益减少,拍卖行的预期收益以及卖方和拍卖行的总预期收益可能增加也可能减少;(6)在两种密封式拍卖中,当保留价增加时,卖方的预期收益、拍卖行的预期收益以及卖方和拍卖行的总预期收益可能增加也可能减少;(7)给出了卖方的最优保留价的表达式;(8)把本文的结论与以前相应的研究工作做了比较。
By introducing the commission rate and the reserve price, this paper discusses the first and second price sealed auctions respectively, and gets the following conclusions: (1) The equilibrium price of two sealed auctions decreases with the increase of the commission rate; (2) The equilibrium price quotation of price-sealed auction increases with the increase of reserve price, while the equilibrium price of price-sealed auction decreases with the increase of reserve price. (3) The expected return and commission rate And the reserve price all fluctuated in the opposite direction, and the expected return of the bidder in the second-price sealed auction was independent of the commission rate and the reserve price; (4) The equivalence theorem of returns still holds; (5) In the two sealed auctions, When the commission rate increases, the seller's expected return decreases, the expected return from the auction house and the total expected return from the seller and the auction house may increase or decrease; (6) In two sealed auctions, when the reserve price increases, the seller The expected return of the auction house and the total expected return of the seller and the auction house may or may not decrease; (7) The expression of the optimal reserve price of the seller is given; (8) The research work done Compare.