Existence of a monotone pure-strategy perfect Bayesian equilibrium is proved for a multistage game of first-price auctions with interbidder resale, with any finite number of ex ante different bidders. Endogenous gains at resale complicate the winner's curse and upset previous fixed-point methods...

A long-standing unsolved problem, often arising from auctions with multidimensional bids, is how to design seller-optimal auctions when bidders' private characteristics ("types") differ in many dimensions. This paper solves the problem, assuming bidder-types stochastically independent across...

A social planner wishes to launch a project but the contenders capable of runningthe project are cash-constrained and may default. To signal their capabilities, thecontenders may finance their bids through debt or equity, depending on the mechanismchosen by the social planner. When moral hazard...

The English auction is susceptible to tacit collusion when post-auction interbidderresale is allowed. We show this by constructing equilibria where, withpositive probability, one bidder wins the auction without any competition anddivides the spoils by optimally reselling the good to the other...

We study the design of profit maximizing single unit auctions under the assumption that the seller needs to incur costs to contact prospective bidders and inform them about the auction. With independent bidders’ types and possibly interdependent valuations, the seller’s problem can be...

The English auction is susceptible to tacit collusion when post-auction interbidder resale is allowed. We show this by constructing equilibria where, with positive probability, one bidder wins the auction without any competition and divides the spoils by optimally reselling the good to the other...