A principal uses security bid auctions to award an incentive contract to one among several agents in the presence of … call a fixed wage contract, tends to outperform all other auctions, although it is not an optimal mechanism. However, by … adding output targets to hybrid share auctions one can (arbitrary closely) implement the optimal mechanism. …

Cost overrun is ubiquitous in public procurement. We argue that this can be the result of a constraint optimal award …

For the procurement of complex goods the early exchange of information is important to avoid costly renegotiation ex … post. We show that this is achieved by bilateral negotiations but not by auctions. Negotiations strictly outperforms … auctions if sellers are likely to have superior information about possible design improvements, if renegotiation is costly, and …

In many auctions, the auctioneer is an agent of the seller. This delegation invites corruption. In this paper we … bidding, and how it altogether changes the revenue ranking of typical auctions. In addition we characterize incentive schemes …

-linear demand curves with quantities as flows (shares/second). Batch auctions clear all asset markets jointly in discrete time …