During an English auction, bidders' behaviour conveys information on their valuation of the prize. So whenever … probability that a ring bidder wins the auction and reduces the price he pays. The presence of a ring harms other bidders (as well …

The possibility of resale after an auction attracts speculators (i.e., bidders who have no use value for the objects on … sale). In a multi-object auction, a high-value bidder may strictly prefer to let a speculator win some of the objects and … then buy in the resale market, in order to keep the auction price low for the objects she wins in the auction. Therefore …

A bidder is said to be advantaged if she has a higher expected valuation of the auction prize than her competitor. When … the prize has a common-value component, a bidder competing in an ascending auction against an advantaged competitor bids … the auction, and the presence of a bidder with a small advantage does not have a dramatic e¤ect on the seller.s revenue. …

. In an auction, the entrant pays a higher price to take over a target with higher synergies, because they impose stronger …

reduce auction efficiency. In contrast to what is usually argued, resale does not necessarily increase final efficiency and …

After an auction, a losing bidder can purchase the prize from the winner. We show why a strong bidder may prefer to … drop out of the auction before the price has reached her valuation, and acquire the prize in the aftermarket: a strong … common knowledge that, in equilibrium, a weak bidder will win the auction and, even without uncertainty about relative …