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Experiments > OSA > Configuring Different Auction Institutions Printer Friendly

Configuring an OSA experiment

Configuring different auction institutions

For each institution, configure its parameters in the right-hand panel.

Dutch Auction

A Dutch auction, often referred to as a clock auction, is a descending-price auction. For more details on this type of auction, see the Handbook section on Dutch Auctions.

Screen Capture: Configuration Screen for Dutch Auction

Enter the following parameters:

  • Tick length, i.e. the speed at which the price decreases
  • The starting price
  • The value of price decrements
  • To permit proxy bidding, check 'Proxy bidding allowed.' In the 'Details' dialog, you can select which bidders you wish to allow proxy bidding for - by default, all are selected.

Screen Capture: Proxy Bidding Configuration Screen

English Auction

An English auction is an ascending-price auction. For more details on this type of auction, see the Handbook section on English Auctions.

Screen Capture: Configuration Screen for English Auction

Select the following:

  • A period length (2 minutes by default)
  • A closing rule - whether you would like a hard close or a soft close. If you select a soft close, you will also need to enter a threshold and the length of time to extend the period, both in seconds.

Screen Capture: Configuration Screen for English Auction with Soft Close

Enter the following paramters:

  • A minimum starting bid
  • A bid increment value
  • A unit of divisibility (i.e. the number by which any bid entered must be divisible)
  • To permit proxy bidding, check the 'Proxy bidding allowed.' In the 'Details' dialog, you can select which bidders you wish to allow proxy bidding for - by default, all are selected.
  • To mark proxy bids as such for each bidder, so that each bidder sees which are proxy bids and which are not, check 'Yes' for 'Identify proxy bid?'
  • The default time set for the delay in a proxy response is 1 second, you may alter that if you wish.

First Price Auction

A first-price sealed bid auction involves the simultaneous submission of a single bid by each bidder. The highest bidder wins the auction and pays the price they bid. For more details on this type of auction, see the Handbook section on First Price Auctions.

Screen Capture: Configuration Screen for First-Price Auction

Select the following paramters:

  • Period length (2 minutes by default)
  • A unit of divisibility (i.e. the number by which any bid entered must be divisible).

Second Price Auction

A second-price sealed bid auction involves the simultaneous submission of a single bid by each bidder. The highest bidder wins the auction and pays the price bid by the second highest bidder. For more details on this type of auction, see the Handbook section on First Price Auctions.

Screen Capture: Configuration Screen for Second-Price Auction

Select the following paramters:

  • Period length (2 minutes by default)
  • A unit of divisibility (i.e. the number by which any bid entered must be divisible).

Next: Setting up inducements

 
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