from auction alternatives in recent years, despite significantly lower costs in both direct fees and initial underpricing … when using the auction mechanism. This paper shows that in the French market, where the frequency of book-building and …

We analyze the welfare consequences of an increase in the commissions charged by the organizer of an auction … of tax incidence in consumer economics. We argue, however, that auction markets deserve a separate treatment. Indeed we …

We consider an auction setting in which potential buyers, even if they fail to obtain the good, care about the price … paid by the winner. We study the impact of these price-externalities on the first-price auction and the second …-price auction in a symmetric information framework. First, we consider situations in which bidders care about the price paid …

which over-allocation and abatement have taken place in 2005. We propose a measure by which over-allocation can be judged …

This paper is the concluding chapter of Rights, Rents and Fairness: Allocation in the European Emissions Trading Scheme … lessons and general principles to be learnt from the allocation of allowances in the European Union Emission Trading Scheme … allocation process and on what are the global implications of the EU ETS. As has become obvious during the first allocation phase …

We study auction design when parties cannot commit themselves to the mechanism. The seller may change the rules of the … commit to the English auction. Typically the converse also holds, the English auction is the only stable auction mechanism. …