The objects for sale in most auctions possess both private and common value elements. This salient feature has not yet …

Auctions are generally not efficient when the object's expected value depends on private and common value information …

The objects for sale in most auctions possess both private and common value elements. This salient feature has not yet …

Multi-unit ascending auctions allow for equilibria in which bidders strategically reduce their demand and split the …

Auctions are increasingly being used to allocate emissions allowances (“permits”) for cap and trade and common …-pool resource management programs. These auctions create thick markets that can provide important information about changes in …-bid auctions and for multiround clock auctions, with or without end-of-round information about excess demand. Price inertia is …

Auctions used to sell houses often attract a diverse group of bidders, with realtors and speculators out for a bargain …, we consider premium auctions like the one in Amsterdam and demonstrate their revenue-generating virtues in asymmetric … auctions in symmetric and asymmetric settings. The introduction of a premium leads weak bidders to set an endogenous reserve …

We experimentally study auctions versus grandfathering in the initial assignment of pollution permits that can be …, the majority of permits are won by low emitters, reducing the need for spot-market trading. Auctions generate higher … consumer surplus and slightly lower product prices in the laboratory markets. Moreover, auctions eliminate the large “windfall …

This paper explores the use of auctions for privatizing public assets. In our model, a single insider bidder (e … winner's curse in standard auctions with devastating consequences for revenues. We show that the optimal mechanism …

comparable revenues toward the end of a series of auctions. However, aggressive bidding behavior in initial discriminatory … auctions yields higher revenues than in other auction formats, a difference that disappears as bidders learn to adjust their …

The objects for sale in most auctions display both private and common value characteristics. This salient feature of … many real-world auctions has not yet been incorporated into a strategic analysis of equilibrium bidding behavior. This … and common value case it may lead to an improved specification of empirical models of auctions. …