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Optimal sale across venues and auctions with a buy-now option

机译：带有立即购买选项的跨场馆和拍卖的最佳销售

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摘要

We characterize the optimal selling mechanism for a seller who faces demand demarcated by a high and a low end and who can access an (online) auction site (by paying an access cost) in addition to using his own store that can be used as a posted price selling venue. We first solve for the optimal mechanism of a direct revelation game in which there is no venue-restriction constraint. We find that the direct optimal mechanism must necessarily incorporate a certain kind of pooling. We then show that even with the venue constraint, the seller can use a two stage indirect mechanism that implements the allocation rule from the optimal direct mechanism, and uses the venues in an optimal fashion. The first stage of the indirect mechanism is a posted price at the store. If the object is not sold, we move to stage two, which involves an auction at the auction site. A feature of this auction is a buy-now option which is essential for implementing the pooling feature of the optimal direct mechanism. We also show that the buy-now option in the optimal mechanism is of a “temporary” variety, and that a “permanent” buy-now option, in contrast, cannot implement the optimal mechanism. Auctions with a temporary buy-now option are in widespread use on eBay.
机译：对于那些面临由高端和低端界定的需求，并且除了可以使用自己的商店之外，还可以访问（在线）拍卖站点（通过支付访问成本）的卖家，我们描述了一种最佳的销售机制。发布价格销售地点。我们首先解决没有场地限制约束的直接启示游戏的最佳机制。我们发现直接最优机制必须必然包含某种类型的合并。然后，我们证明，即使受到场所约束，卖方也可以使用两阶段间接机制，该机制从最佳直接机制实施分配规则，并以最佳方式使用场所。间接机制的第一阶段是在商店中发布价格。如果未出售该物品，则进入第二阶段，该阶段涉及在拍卖现场进行拍卖。该拍卖的一个特征是“立即购买”选项，这对于实现最佳直接机制的合并功能至关重要。我们还表明，最佳机制中的“立即购买”选项具有“临时”变化，而“永久”立即购买的选项则不能实现最佳机制。具有临时购买选项的拍卖在eBay上得到广泛使用。

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