We scrutinize the scope of auctions in the presence of downstream interactions and information externalities by using …-cost firm under incomplete information: a separating auction implies adverse selection and relies substantially on commitment to … allocation and transfer rules. A pooling auction serves as a commitment device against ex-post opportunistic behavior and …

post. We show that this is achieved by bilateral negotiations but not by auctions. Negotiations strictly outperforms … auctions if sellers are likely to have superior information about possible design improvements, if renegotiation is costly, and … incentives for sellers to investigate possible design improvements than auctions. This provides an explanation for the widespread …

We use a unique hand collected data set of 6 258 auctions from the online football manager game Hattrick to study micro …

A simple auction-theoretic framework is used to examine symmetric litigation environments where the legal ownership of …

We consider auction games where, prior to the auction, bidders spend resources to increase their valuations. The market … game is solved by solving an equivalent auxiliary social choice problem. We show that standard auctions are fully efficient …, whereas reserve price requirements entail a double inefficiency. Moreover, we explain how optimal auctions differ from the …

competitive market structure than other UMTS auctions in Europe. The present paper explains the design of that auction, and …The third generation UMTS auction in Germany raised an enormous amount of revenue, and at the same time achieved a more … presents a game theoretic explanation of observed events during the crucial phase of that auction, which have puzzled several …

auction is the better selling mechanism. However, why exactly an auction should be preferred is unclear. Here we present an …During the recent sales of UMTS licenses in Europe some countries used auctions while others resorted to so … argument why beauty contests or negotiations might be dominated by auctions, which is closely linked to the multi …