called the chopstick auction' in which bidders are confronted with the exposure problem. We analyze the chopstick auction … with incomplete information both in theory and in a laboratory experiment. In theory, the chopstick auction has an … efficient equilibrium and is revenue equivalent with the second-price sealed-bid auction in which the exposure problem is not …

We consider a dynamic auction environment with a long-lived seller and short-lived buyers mediated by a third party. A … mediator has incomplete information about traders' values and selects an auction mechanism to maximize her expected revenue. We … characterize mediator-optimal mechanisms and show that an optimal mechanism has a simple implementation as a Vickrey auction with a …

would bid in a first-price auction. 3) Buyers' expected utilities in an all-pay auction are lower than in a first …-price auction. 4) The seller's expected payoff in an all-pay auction may be either higher or lower than in the risk neutral case. 5 …) The seller's expected payoff in an all-pay auction may be either higher or lower than in a first-price auction. …

-unit, multi-bid uniform auction, modelled as a Bayesian game of incomplete information. At the auction each firm anticipates his … as their bidding strategies and it precludes the auction from generating a cost-effective allocation of permits, as it … would occur in simpler auction models. Auctioning tends to be more cost-effective than grandfathering when the firms' costs …

ensuing auction, leading to loss of efficiency and eliminating the revenue dominance typically observed in firstprice auctions. …

Drawing on the real-options theory we analyse bidding behaviour in a sealed-bid-first-score procurement auction where …

and rule-based auction procurement procedures. We show that adopting a two stage approach in which bureaucrats first …