’s impossibility theorem was also the origins of the theory of transaction costs. This raises the following question: what is the … point utilizing the case of airline oversales auction system first proposed by Julian Simon (1968). In doing so, we reframe …. Thus, the airlines oversales auction system is illustrative of an institutional solution to the problem of economic …

authority has a reservation price and decides to either reveal or hide it before the auction takes place. We find that when the … private reservation price scheme. Moreover, we show that‚ auction results in less slots being traded than would have been …