Dutu, Richard; Julien, Benoît; King, Ian Paul - 2009
bidding imply dispersion in
production and, hence, not all production can take place at the surplus-maximizing point. This … of money�in
those models.
Finally, we show that auction fees are welfare deteriorating in the price bidding model unless …. In the quantity bidding model auction fees improve welfare when
the nominal interest rate is low and decrease welfare …