economic settings that do not, at first sight, look like auctions. We also discuss some more obvious applications, especially …

discuss radiospectrum and football TV-rights auctions, electricity markets, and takeover battles), and the Anglo-Dutch auction …, predatory, and entry deterring behaviour. Ascending and uniform-price auctions are particularly vulnerable to these problems (we … – a hybrid of the sealed-bid and ascending auctions may often perform better. However, everything depends on the details …

politically important. I illustrate with some disastrous government auctions, but also show the value of economic theory. …

critical papers in the subject. The most important of these are reproduced in a companion book, The Economic Theory of Auctions … the basic analysis of optimal auctions, the revenue equivalence theorem, and marginal revenues. Subsequent sections … address risk-aversion, affiliation, asymmetries, entry, collusion, multi-unit auctions, double auctions, royalties, incentive …

the homogeneous-good Bertrand model intensifies competition: it lowers price and raises total surplus (but also makes …

Public agencies rely on two key modes to procure goods and services: auctions and direct negotiations. The relative … passenger railway services in Germany, where regional agencies can use auctions and negotiations to procure regional passenger … auctions. This analysis suggests accounting for the endogeneity of the choice of procurement mode by estimating the mode of …

buying one unit. The sellers simultaneously set reserve prices and use second price auctions as rationing device. An … demonstrate that not allowing sellers to use second price auctions may enhance total surplus. …

simultaneous auction, and a sequential process in which potential buyers decide in turn whether or not to enter the bidding. The …