, i.e., the first best, is not implementable. Our first main result is that the open ascending auction is not second best … because it is prone to rushes, i.e., all active bidders quitting simultaneously, that undermine its efficiency. Our second … main result is that the second best can be implemented with a two-round auction used in real-life privatizations. We also …

into the allpay auction framework. If the strongest firm owns a large share in the second strongest firm, this may make the … ownership relationship but without these negative efficiency effects. …

We investigate the possibility of enhancing efficiency by awarding premiums to a set of highest bidders in an English … auction - in a setting that extends Maskin and Riley (1984, Econometrica 52: 1473-1518) in three aspects: (i) the seller can … be risk averse, (ii) the bidders can have heterogeneous risk preferences, and (iii) the auction can have a binding …

Auction theory has ambiguous implications regarding the relative efficiency of three formats of multiunit auctions …: uniform-price, discriminatory-price, and Vickrey auctions. We empirically evaluate the performance of these three auction … June 1, 2014 through November 17, 2014. We estimate marginal cost curves for all dealers, at each auction, based on …

empirical example, we use eBay PlayStation 3 auctions held in 2009. We find that the efficiency loss is over $30 for more than 5 …% of online auctions. Furthermore, we also find the probability of the inefficient online auction is more than 0.25 …