This paper characterizes the optimal first-price auction (FPA) and second-price auction (SPA) for selling rights …, contracts, or licenses that involve ensuing payoff uncertainty for the winning bidder. The distribution of the random payoff is …

under demand uncertainty: we solve for equilibrium and optimum as benchmarks, and evaluate the efficiency of possible … study, regulation by competitiv e auction cannot replicate the second-best zero-profit result. For more complex networks … parameter range considered in the numerical simulation, entry by generalized auction performs better than entry by patronage …

auction - in a setting that extends Maskin and Riley (1984, Econometrica 52: 1473-1518) in three aspects: (i) the seller can … be risk averse, (ii) the bidders can have heterogeneous risk preferences, and (iii) the auction can have a binding … verifiable by deduction prior to the auction - the premium also benefits the seller and therefore leads to a Pareto improvement …

uncertainty, some form of auction performs better than others with demand uncertainty. …We study the efficiency of private supply of roads under demand uncertainty and evaluate various regulatory policies …. Due to demand uncertainty, capacity is decided before demand is known but tolls can be adjusted after demand is known …

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 …

This paper provides a structural empirical analysis of Dutch auctions of houseplants at the flower auction in Aalsmeer … auction participants, and as such these data are collectible due to neurological constraints on information processing. The …

-bidders' auction is similar to the Hawk-Dove game, which motivates to study symmetric NEs: Properties and comparative statics are …