We investigate the effects of introducing a central clearing counterparty (CCP) on securities prices by adopting as an …

. 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 …

We investigate experimentally whether emotions affect bidding behavior in a firstprice auction. To induce emotions, we … confront subjects after a first auction series with apositive or negative random economic shock. We then explore the relation … between emotions andbidding behavior in a second auction series. Our main results are: (i) the economic shock has asubstantial …

, contractual, and legal solutions. Our results show that auctions (competition among many informed buyers) provide a solution to …

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

, afterwards, subjects take part in a second price auction for the right to (physically) carry out the act of payoff reduction …

If a government auctions the right to market a good, continuity is likely to be of significant importance. In a … 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 …

by now a large literature arguing that auctions with a variety of after-market interactions may not yield an efficient … argues that these inefficiencies can be avoided by asking bidders prior to the auction to submit any public payment they …. We show that auctions with flexible entry fees have a fully revealing equilibrium where bidders signal their type before …

increase in anticipation of auctions of new issues and decrease after the auction, while no or a smaller such effect is present … is no auction, is very similar to the secondary-market behaviour of the auctioned series. These findings support an …

firms' risk attitudes and the fact that future market prof-its are uncertain so that winning an auction is like winning a … lottery ticket.li one license is auctioned, auctions select the firm that is least risk averse.This is what we call the risk …