As a selling mechanism, auctions have acquired a central position in the free market economy all over the globe. This development has deepened, broadened, and expanded the theory of auctions in new directions. This chapter is intended as a selective update of some of the developments and...

I introduce a property of player's valuations that ensures the existence of an ex post efficient equilibrium in asymmetric English auctions. The use of this property has the advantage of yielding an ex post efficient equilibrium without assuming differentiability of valuations or that signals...

We provide a comparison of bidding behavior between multi-round and single-round auctions considering bid lettings for asphalt construction contracts. Using a reduced-form difference-in-difference approach as well as the nonparametric estimation technique proposed by Racine and Li (2004) we find...

This paper gives two examples to break through the revelation principle. Furthermore, the revenue equivalence theorem does not hold.

Physical resources such as land, labour and livestock, and nonphysical resources such as indigenous knowledge and institutions of producers in the grain surplus and deficit regions of the Central Highlands of Ethiopia are examined under situation of environmental and policy risks. Frequency...

We study abstention when each voter selects the quality of information. We introduce conflict among committee members using two dimensions of heterogeneity: ideology (relative ratio of utilities) and concern or intensity (absolute level of utility). Our main result is that information and...

This paper analyses leadership and charisma within the framework of social choice. In societies that lack formal institutional authorities, the power of leaders to coerce is limited. Under such conditions, we find that social outcomes will depend not only on policy preferences but also on how a...

Land, labor, indigenous knowledge and institutional resources of producers in the Central Highlands of Ethiopia are investigated. Frequency distribution and comparative statistical analysis of the two regions with respect to these and other parameters suggest that in a situation where all...

In a scenario with a continuum of asymmetrically informed agents, we analyze how the initial information of a trader may be altered when she becomes a member of a coalition. In contrast to a perfect competition frame, we first show that neither arbitrarily small coalitions nor large coalitions...

This review article introduces and evaluates various ways to aggregate probabilistic opinions of different individuals. For each of these three ways, an axiomatic characterization result is presented (a new one in the case of multiplicative pooling). The three ways satisfy different axioms and...