报告题目：Bidding into Bankruptcy: How Auction Order Affects Overbidding and Losses

（中文：破产竞拍：拍卖顺序如何影响高报价及损失）

报 告 人：Hikmet Gunay

报告时间：2026年4月22日（周三）15:40-17:00

报告地点：博学楼I-206

主办单位：产业组织与企业组织研究中心、高等经济研究院

【讲座人简介】

Professor Hikmet Gunay is Professor of economics at the arts, University of Manitoba, Canada. Professor Gunay has internationally recognized research contributions industrial organization, auction theory, applied game theory. He has published numerous papers in top international journals such as Economic Theory, International Journal of Industrial Organization, Canadian Journal of Economics, Journal of Corporate Finance, Journal of Economic Theory, Journal of Economic Behavior and Organization, Review of International Economics. He also successfully completed two rounds of the Canadian Social Sciences and Humanities Research Council (SSHRC) projects, and served as the Xinghai Distinguished Professor at Dongbei University of Finance and Economics (from 2023 to 2026).

【内容摘要】

This lecture explores global bidders in sequential auctions face exposure risk when bidding for complementary goods whose values differ in uncertainty. We study how auction orders affect this risk in a sequential second-price auction with heterogeneous products, where one good has relatively high valuation variance and the other has low valuation variance. Motivated by simulation-based comparative statics infinite-variance environments, we use laboratory experiments to examine whether auctioning the low-variance good first increases the likelihood of ex-post losses for global bidders. We find that negative payoffs occur significantly more often when the low-variance product is sold first, across both low- and high-synergy environments. Efficiency and revenue are primarily driven by the level of synergy and are not systematically influenced by order.