is more conducive to entry - precisely because of its inefficiency - it usually generates higher expected revenue. We … also discuss the effects of lock-ups, matching rights, break-up fees (as in takeover battles), entry subsidies, etc. …

buyers. In an auction all entry decisions are made prior to any bidding. In a sequential bidding process earlier entrants can … auction is more conducive to entry in several ways it usually generates higher expected revenue. A substantially revised …