Showing 1 - 10 of 1,340
This paper revisits recent empirical research on buyer credulity in arts auctions and auctions for assets in general …
Persistent link: https://www.econbiz.de/10010365885
We study when equilibrium prices can aggregate information in an auction market with a large population of traders. Our main result identifies a property of information---the betweenness property---that is both necessary and sufficient for information aggregation. The characterization provides...
Persistent link: https://www.econbiz.de/10012415617
from auctions and take on the role of price setting and credit allocation, despite evidence that retail investors possess … valuable soft and nonstandard information. Our analysis uses a unique data set on 7,455 auctions and 34 million bids, from the …
Persistent link: https://www.econbiz.de/10012854965
We analyze a divisible good uniform‐price auction that features two groups, each with a finite number of identical bidders, who compete in demand schedules. In the linear‐quadratic‐normal framework, this paper presents conditions under which the unique equilibrium in linear demands exists...
Persistent link: https://www.econbiz.de/10012806389
addressing it by focusing on a single simple problem: multiunit auctions. A variety of issues will be discussed: representation …
Persistent link: https://www.econbiz.de/10014025450
The literature on license auctions for process innovations in oligopoly assumed that the auctioneer reveals the winning …, partial, and no disclosure of bids, which correspond to standard auctions. We show that more information disclosure increases …
Persistent link: https://www.econbiz.de/10010378352
We compare two commonly used mechanisms in procurement: auctions and negotiations. The execution of the procurement …
Persistent link: https://www.econbiz.de/10010342227
The theoretical literature on collusion in auctions suggests that the first-price mechanism can deter the formation of … likely to affect the bidding behavior in first-price (but not second-price) auctions. We test experimentally a setup in which … collusion in first-price and second-price auctions. Furthermore, failed collusion attempts distort the bidding behavior in the …
Persistent link: https://www.econbiz.de/10010472820
Auctions are the allocation-mechanisms of choice whenever goods and information in markets are scarce. Therefore … comparative statics of welfare versus revenues for auctions with one or more objects and varying numbers of bidders. Depending on …
Persistent link: https://www.econbiz.de/10010507805
Auctions are the allocation-mechanisms of choice whenever goods and information in markets are scarce. Therefore … comparative statics of welfare versus revenues for auctions with one or more objects and varying numbers of bidders. Depending on …
Persistent link: https://www.econbiz.de/10010529939