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AWWA ACE70681
- All-in Auctions
- Conference Proceeding by American Water Works Association, 11/01/2009
- Publisher: AWWA
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This powerpoint presentation begins by presenting the problem statement: water allocation increasingly relevant. The All-in Auction is presented as a solution. Compared to autarky and bilateral trades, multilateral two-sidedauctions clear faster and have greater efficiency. However, they may not maximize trades if either of the following istrue: participation - some sellers do not enter the auction to trade; and,endowment - some sellers have WTA > p > WTP. The AiA solves these problems by:participation - all rights in the auction (weakened property rights); and,endowment - having everyone bid for units in a bid-only auction. Interesting pricing complications are presented, along with lab experiments and field work.
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