A principal uses security bid auctions to award an incentive contract to one among several agents in the presence of …-off, a hybrid share auction that includes a (possibly negative) cash reward to the winner, a minimum share, and an option to … call a fixed wage contract, tends to outperform all other auctions, although it is not an optimal mechanism. However, by …

shill bidding in strategy-proof auctions more generally. As a remedy, this paper considers an ascending auction with a … random ending time --- a so-called candle auction. Time is discrete and in every round, the bidders bid sequentially and in a … fixed order. The bidder with the highest bid at the end of the decisive round wins the auction and pays her bid. We show …

strategies. We derive the class of optimal mechanisms and show that it has a deferred acceptance auction representation. This … feature guarantees an implementation with a descending clock auction. Only in the case of symmetric projects do price clocks …