sealed-bid and clock auctions. We find that the efficient bid levels in the sealed-bid second-price auction may be non … demand is efficiency-enhancing even in the independent private valuation setting where price discovery is not important … to the possibility of losing the auction at a price below the bidder's value. Thus, a fear of losing at profitable prices …

preferences beyond the classical concept of expected utility theory. The thesis contains four main chapters.The first two chapters … dependence compared to classical models of expected utility theory. It is shown that some empirical puzzles concerning … utility theory are met. It is shown that the methodological concerns are empirically relevant when a classification of …