A dynamic pricing model is studied where a seller of an asset faces a sequence of potential buyers whose valuation distribution is unknown to the seller. The seller learns more about the distribution in the selling process and becomes less optimistic as the object remains unsold. We characterize...

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...

In this paper, we study a two-period common-value auction model in which the seller possesses some private information about the value of the object being sold. Assuming that buyers possess no private information in the first period, we characterize a set of equilibria in which the strategy of...