uncertainty about abatement costs and environmental damages. Such a ‘Rules Treaty’ comprises a scaling factor and a refunding rule …

This paper characterizes the optimal first-price auction (FPA) and second-price auction (SPA) for selling rights …, contracts, or licenses that involve ensuing payoff uncertainty for the winning bidder. The distribution of the random payoff is …

under demand uncertainty: we solve for equilibrium and optimum as benchmarks, and evaluate the efficiency of possible … study, regulation by competitiv e auction cannot replicate the second-best zero-profit result. For more complex networks … parameter range considered in the numerical simulation, entry by generalized auction performs better than entry by patronage …

auction - in a setting that extends Maskin and Riley (1984, Econometrica 52: 1473-1518) in three aspects: (i) the seller can … be risk averse, (ii) the bidders can have heterogeneous risk preferences, and (iii) the auction can have a binding … verifiable by deduction prior to the auction - the premium also benefits the seller and therefore leads to a Pareto improvement …

supplier's unobservable effort. Our setting is a multi-attribute auction in which the buyer first awards a contract to the … (complements) bid quality. We further investigate the impact of uncertainty on bidder behavior and mechanism design under both … either increase or decrease. Accordingly, the design of optimal scoring rules must take the nature of uncertainty into …

An auction framework is examined where each seller is uncertain about whether or not he will have a good available to … types of auctions: an ex-post auction which takes place after each seller learns about the availability of the good and an … ex-ante auction which takes place before each seller learns about availability. The expected payoffs to buyers, sellers …

the project can only be evaluated at the end. To manage such uncertainty, a model of competitive procurement and …

uncertainty, some form of auction performs better than others with demand uncertainty. …We study the efficiency of private supply of roads under demand uncertainty and evaluate various regulatory policies …. Due to demand uncertainty, capacity is decided before demand is known but tolls can be adjusted after demand is known …