optimal for the seller to do away with any matching considerations and allocate the contract on the basis of price alone. If … matching is sufficiently important to the seller, the optimal mechanism may be implemented without commitment. However, if … matching is not sufficiently important, the seller suffers a loss when he is unable to commit. The magnitude of this loss …

In many auctions, matching between the bidder and seller raises the value of the contract for both parties. However … depresses bids. The more matching matters, the greater the penalty associated with observing the matches. …

The article is aimed to develop a theory of institutional reforms, to study their role and relevance at different …