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 … auctions was about equal in the 1990s, the ostensible advantages to the issuer using book-building were advertising …

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 study sealed-bid auctions with financial externalities, i.e., auctions in which losers’ utilities depend on how much … the winner pays. In the unique symmetric equilibrium of the first-price sealed-bid auction (FPSB), larger financial …-bid auction (SPSB) reveals ambiguous effects. We further show that a resale market does not have an effect on the equilibrium bids …

A buyer with downward slopping demand faces a number of unit supply sellers. The paper characterizes optimal auctions … in this setting. For the symmetric case, a uniform auction (with price equal to lowest rejected offer) is optimal when …

-unit, multi-bid uniform auction, modelled as a Bayesian game of incomplete information. At the auction each firm anticipates his … as their bidding strategies and it precludes the auction from generating a cost-effective allocation of permits, as it … would occur in simpler auction models. Auctioning tends to be more cost-effective than grandfathering when the firms’ costs …