market competition. We use a circular model with asymmetric production costs both for incumbent firms and potential entrants …, where unit transport cost measures the intensity of competition (quality of infrastructure). The static and dynamic welfare …, as measured by the distribution of costs in the economy, the number of incumbent firms, the degree of market competition …

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

The most important issues in auction design are the traditional concerns of competition policy-preventing collusive … discuss radiospectrum and football TV-rights auctions, electricity markets, and takeover battles), and the Anglo-Dutch auction … discuss the current 3G spectrum auctions in Germany and the Netherlands. Auction design is a matter of ‘horses for courses …

This paper provides an elementary, non-technical, survey of auction theory, by introducing and describing some of the … 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 …

in Seattle in August 2000. We discuss the strong connections between auction theory and 'standard' economic theory, and … argue that auction-theoretic tools and intuitions can provide useful argument and insights in a broad range of mainstream … economic settings that do not, at first sight, look like auctions. We also discuss some more obvious applications, especially …

-establishment firms closing down poorly-performing plants and opening high-performing new ones, and (c) external competition is an …

This Paper studies scoring auctions, a procedure commonly used to buy differentiated products: suppliers submit offers … provide a systematic analysis of equilibrium behaviour in scoring auctions when suppliers’ private information is … multidimensional (characterization of equilibrium behaviour and expected utility equivalence) and show that scoring auctions dominate …

changes in the UK auction market for art that is subject to the Droit de Suite (DDS), relative to changes for art not subject … to the DDS, and also relative to changes in the auction markets for art in countries where there has been no change in … impact on the UK art auction market. …

. For any number of objects and bidders, both the pure bundling auction and separate, efficient auctions for the single …We study multi-object auctions where agents have private and additive valuations for heterogeneous objects. We focus on … auctions, pure bundling auctions, mixed bundling auctions, auctions with reserve prices and auctions with pre-packaged bundles …

carry over to the optimal minimum price in independent private value auctions. In addition, they can be fruitfully applied …