This study investigates the design of the royalty rate in a first-price auction across three types of investments: incremental and lumpy with or without an exogenously given intensity. A bidder's investment cost comprises private information. This, together with the stochastic evolution of the...

The following is an edited transcript of a filmed interview I did with Professor Lee Sheridan on 29 December 2014 at his home in Cardiff, Wales. I first met Sheridan back in 1985 when I was a law student at the Faculty of Law, National University of Singapore. At the time, I worked through the...