We evaluate the impact of three auction mechanisms the BeckerDeGrootMarschak (BDM) mechanism, the second-price auction, and the random nth-price auction in the measurement of private willingness-to-pay and willingness-to-accept for a pure public good. Our results show that the endowment effect...

We analyze optimal trading mechanisms in environments where each trader owns some units of a good to be traded and may be either a seller or a buyer, depending on the realization of privately observed valuations. First, the concept of virtual valuation is extended to ex ante unidentified...

We conduct an experiment to test whether probability misperception may be a possible alternative to risk aversion to explain overbidding in independent first-price private-values auctions. The experimental outcomes indicate that subjects underestimate their probability of winning the auction,...

Using nonparametric estimation techniques adapted from Guerre et al. [2000], we infer cost distributions and informational rents, from 666 snow removal contracts offered for tender by the City of Montreal. Our results are compatible with standard received theory of competitive auctions: there is...

This paper compares two market structures, namely auction and dealership markets defined respectively as centralized order-driven and fragmented quote-driven markets. Our approach departs from previous works comparing these market mechanisms by considering both the timing of order submission...

In repeated-round auction mechanisms with endogenous market-clearing prices, i.e. when prices depend on submitted bids, the assumption of independent private values that underlines the property of incentive-compatibility is to be brought into question; even if these mechanisms provide active...

We use the experimental method to study the costs and benefits of allowing joint bidding in simultaneous multi-unit first price sealed bid auctions for bundled goods. The research has immediate applications to the sale of public forest stands that arbor a mixture of species. Joint bidding and...

Cette étude présente les fondements et les objectifs de la réglementation des entreprises au Canada. Un survol des principaux résultats théoriques en économie de la réglementation depuis les 10 dernières années et une analyse de la réglementation du type price-cap introduite en...

Many network industries (telecommunications, electricity, natural gas, postal services, water and sewage services, etc.) are confronted with significant logistic and behavioral problems in their transition towards competition. In this article, I first recall some general principes and...

This paper examines how different rules for presentation of evidence affect verdicts in regulatory hearings and the welfare and efficiency properties these procedures exhibit. The hearing is modeled as a game of imperfect information in which the respondent is privately informed about validity...