aspect of the services of experts (e.g., of doctors, lawyers, and accountants), and the role that voluntary pro bono work … might play. Expert services have un- verifiable quality to non-experts and are subject to moral hazard. Experts who cheat … their customers should crowd out experts who do not, resulting in low trust, prestige, and wages. We ask how pro bono work …

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 …

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 …

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 …

and German auctions, was generally considered to be a major flop. I analyse the policy process leading to the auction as …

In many auctions, the auctioneer is an agent of the seller. This delegation invites corruption. In this paper we … bidding, and how it altogether changes the revenue ranking of typical auctions. In addition we characterize incentive schemes …