There is a great deal of late bidding on internet second price auctions. We show that this need not result from either … private value auctions. The reason is that very late bids have a positive probability of not being successfully submitted, and … this opens a way for bidders to implicitly collude, and avoid bidding wars, in auctions such as those run by eBay, which …

We document a somewhat surprising regularity: of the many countries that have used IPO auctions, virtually all have … evidence. We examine why auctions have failed and verify, to the extent possible, that they are consistent with what academic … theory predicts. Both uniform price and discriminatory auctions are plagued by unexpectedly large fluctuations in the number …