"This paper studies multi-unit ascending (English) auctions with a buyer's option. The buyer's option gives the winner of an auction the right to purchase any number of units at the winning price. We develop a theoretical model and derive the optimal strategies for the bidders. The model...

A viager real estate transaction consists in selling a property in return for a down payment and a life annuity that the buyer has to pay until the seller dies. This paper tests for the presence of asymmetric information in this market using notarial data on transactions in Paris between 1993...

The adverse selection model is a principal-agent model defined by the objective functionof the principal, the agents’ utility function and the distribution of agents’ types. We provethat the nonparametric identification of this model requires the knowledge of at least one ofthe three...