[This item is a preserved copy. To view the original, visit http://econtheory.org/] This paper considers an auction design framework in which bidders get partial feedback about the distribution of bids submitted in earlier auctions: either bidders are asymmetric but past bids are disclosed in an...

Recent concern over “high frequency trading” (HFT) has called into question the fairness of the practice. What does it mean for a financial market to be “fair”? We first examine how high frequency trading is actually used. High frequency traders often implement traditional beneficial...

Allocation rules for cooperative games can be manipulated by coalitions merging into single players, or, conversely, players splitting into a number of smaller units. This paper collects some (im)possibility results on merging- and splitting-proofness of (core) allocation rules for cooperative...

We identify the maximal number of people who are harmed when a social choice rule is manipulated. If there are n individuals, then for any <InlineEquation ID="IEq1"> <EquationSource Format="TEX">$$k$$</EquationSource> </InlineEquation> greater than 0 and less than n, there is a neutral rule for which the maximal number is <InlineEquation ID="IEq2"> <EquationSource Format="TEX">$$k$$</EquationSource> </InlineEquation>, and there is an anonymous rule for which the maximum...</equationsource></inlineequation></equationsource></inlineequation>

We study a principal-agent model in which the agent can provide ex post additional relevant information regarding his performance. In particular, he can provide a legitimate excuse, that is, evidence that a poor result is only due to factors outside his control. However, building a convincing...