A phantom bidding model is analyzed for a sale auction. The following issues are addressed: the effects of phantom bidding on overall social welfare and buyers' profits. It is shown that social welfare may increase or decrease as the auctioneer switches from the fixed reserve price policy to...

An adversarial model of criminal trial is considered with three verdict choices--innocent, guilty of moderate crime, and guilty of serious crime. Depending on the parties' access to evidence and initial beliefs in the courtroom about the possible crimes, the judge may agree to the defendant's...