In this paper we will study two auctions for fish found in Norway, and compare them applying auction theoretical
assumptions. We will use the revenue equivalence theorem as a basis to explain why these two different auction mechanisms
are chosen for the sale of fish. It is shown that the issues of risk aversion, common values and inclusion of travel costs may
explain the choice of auction institution.
Armstrong, C.W. Why Fish Auctions Differ – Theory and Practise. In: Microbehavior and Macroresults:Proceedings of the Tenth Biennial Conference of the International Institute ofFisheries Economics and Trade, July 10-14, 2000, Corvallis, Oregon, USA.Compiled by Richard S. Johnston and Ann L. Shriver. InternationalInstitute of Fisheries Economics and Trade (IIFET), Corvallis, 2001.