Auctions used to allocate multiple units of a homogeneous good account for a large number of transactions in market economies, the most notable example perhaps being the allocation of financial and monetary instruments, such as bonds, bills and securities. The auction format used to sell many...

To the extent that emission permits have been allocated using market mechanisms, this has been done using a sealed-bid auction design, typically with discriminatory price. Emission permits, being a homogenous good with a fixed supply within a certain period, can be allocated using an auction...