We offer a theoretical and empirical comparison of auctions and negotiated sales. We first build a simple model to show … that auctions generate a higher relative price than negotiated sales when demand for the asset is strong, when the asset is …, we find support for our theoretical predictions. In addition, we find that auctions do not necessarily generate a higher …

We offer a theoretical and empirical comparison of auctions and negotiated sales. We first build a simple model to show … that auctions generate a higher relative price than negotiated sales when demand for the asset is strong, when the asset is …, we find support for our theoretical predictions that the auction mechanism obtains a higher relative price in an “up …