firms' risk attitudes and the fact that future market prof-its are uncertain so that winning an auction is like winning a …

. We approached about 4500 households, each participating in either an all-pay auction, a lottery, a non …-pay auction and the lottery. Although the all-pay auction is the superior fundraising mechanism both in theory and in the … anomaly. First, participation in the all-pay auction is substantially lower than in the other mechanisms while the average …

This paper characterizes the optimal first-price auction (FPA) and second-price auction (SPA) for selling rights …

auction' on the payment to the government, the incumbent is willing to bid higher than its expected profit from the facility … the facilities are strong complements or substitutes and always with 'common values'. The 'standard auction' leads to an … the outcome by endogenously regulating using a 'price auction' on the price to be asked to consumers. Now, it depends who …

-price dimensions after the auction. Both auctions theoretically implement the surplus maximizing mechanism. Our experiment confirms …

laboratory experiment, we compare the effects of bidders' limited liability in the first-price sealed-bid auction and the English … auction in a common value setting. Our data strongly reject our theoretical prediction that the English auction leads to less … aggressive bids and fewer bankruptcies than the first-price sealed-bid auction. <I>X</I>-cursedness gives a robust explanation of …

argues that these inefficiencies can be avoided by asking bidders prior to the auction to submit any public payment they … the auction itself takes place. …