Manufacturers may intentionally damage a portion of their goods in order to price discriminate. Many instances of this phenomenon are observed. It may result in a Pareto improvement. Copyright 1996 The Massachusetts Institute of Technology.

We examine bid data from the first two broadband PCS spectrum auctions for evidence of value synergies. First, we estimate a benchmark regression for the determinants of final auction prices. Then, we include variables reflecting the extent to which bidders ultimately won or already owned the...

"In both economic and military situations, agents may try to mislead rivals about their true types or plans, whatever they may be. We consider a simple model in which one player attacks and the other player defends. We show that such environments have two types of possible equilibrium behavior,...