In a unified framework, we survey the recent literature on partnership dissolution with interdependent values. Contrary to the private-values case, where the main obstacle hindering the construction of efficient trading mechanisms is the asymmetry in initial endowments, we find that...

Bidding rules that guarantee procedural fairness may induce more equilibrium bidding and moderate other-regarding concerns. Here, we investigate procedural fairness as in Güth (2011). In our experiment, we assume commonly known true values and only two bidders to implement a best-case scenario...

Competition in some product markets takes the form of a contest. If some firms cooperate in such markets, they must decide how to allocate effort on each of their products and whether to reduce the number of their products in the competition. We show how this decision depends on the convexity...

Although one may hope to achieve equality of stated profits without enforcing it, one may not trust in such voluntary equality seeking and rather try to impose rules (of bidding) guaranteeing it. Our axiomatic approach is based on envy-free net trades according to bids, which, together with the...

We study tacit collusion, which we interpret as collusion without communication about strategies, in repeated auctions in which bidders can only observe past winners and not their bids. Strategies cannot discriminate among initially nameless bidders until they have become named through winning...

Ever since FRIEDMAN [1959], it has been debated whether the Treasury should sell bonds in a uniform or in a discriminatory auction. Empirical research on this topic has been confined to experiments in which both auctions were used. But these experiments inherently contain an identification...

In a model with two buyers and sellers we consider the choice of sales mechanism from three possibilities: posted prices, and auctions with and without reserve prices. With homogenous goods, sellers´expected revenues are highestwhen both sellers auction with reserve prices 33% higher than if...

I determine the steady state equilibrium in a random matching model with a finite number of buyers and sellers. Two trading mechanisms, namely, auctions and posted prices are compared. Auctions depict a situation where the sellers are unable to commit to a reserve price, whereas posted prices...

A simultaneous pooled auction with multiple bids and preference lists is a way to auction multiple heterogeneous objects to multiple bidders with unit demand. Bidders submit bids for every object, and a preference ordering over which object they would like to get if they have the highest bid on...

We consider an auction setting, in a symmetric information framework, in which bidders, even if they fail to obtain the good, care about the price paid by the winner. We prove that the outcome of the first-price auction is not affected by identity-independent price externalities, while the...