In empirical studies of sequential auctions of identical objects prices have been found to decline.We study auctions of … that sellers may have some control over the sequence of prices and therefore on their revenue.Our results point to the fact …

have a exible price level with respect to the numeraire commodity but their relative prices are mutually fixed. In the long … run prices are assumed to be completely exible. For a given price level and fixed relative prices, markets can be … adjustment process in prices and quantities converging from a trivial equilibrium with complete demand rationing on all non …

place at prices that are not necessarily competitive?Even though there are many partial answers to this question, an answer … "Folk Theorem" on the generic suboptimality of equilibria at non-competitive prices.The more interesting problem is whether … equilibria are constrained optimal, i.e. efficient relative to all allocations that are consistent with prices at which trade …

The main purpose of this paper is to show that, for any given parameter values, an equilibrium with dispersed prices …