La subasta es el mecanismo fundamental por medio del cual el Banco Central de Bolivia (BCB) ejecuta sus operaciones de mercado abierto, instrumento principal de su política monetaria. Este mecanismo es utilizado también en la colocación de valores para financiamiento fiscal. Luego de varios...

This paper considers the problem of identification and estimation in the firstprice multi-unit auction. It is motivated by the auctions of bus routes held in London where bidders submit bids on combinations of routes as well as on individual routes. We show that submitting a combination bid...

The paper reports on the effects of one-sided imperfect information on bidding behaviour in simultaneous and sequential first-price auctions of non-identical objects when bidders have multi-unit demands. The analysis provides the following four main results. First, when different objects are to...

In 2010 sponsored search advertisements generated over $12 billion in revenue for search engines in the US market and accounted for 46% of online advertising revenue. A substantial portion of this revenue was generated by the sale of search keywords using auction mechanism. We analyze a...

Although bidders in an internet auction do not obtain the actual ownership of the item during the auction, they still act according to an endowment effect. In a unique data set of 17,000 Danish furniture auctions I find that having the leading bid, both in terms of time and dollars, will...

Most internet auction sites, like eBay, use a proxy bidding system where bidders can put in their maximum bid and let a proxy bidder (a computer) bid for them. Yet many bidders speculate about how to bid and employ bidding strategies. This paper examines how the timing of bids can affect the...

Horizontal shifts in bid curves observed in wholesale electricity markets are consistent with Cournot competition. Quantity competition reduces the informational requirements associated with evaluating market performance because the markups of all producers then depend on the same inverse...

In 1989, the Japanese government introduced auctions for the sale of 10-year government bonds, replacing the legal cartel syndicates that had previously coordinated prices. Using this policy change as a natural experiment, this paper uses a difference-in-differences (DID) methodology to assess...