-prices, bidders are reluctant to bid above the option price (even though the option is no longer available once an auction has started …). The latter suggests a particular type of anchoring, where bidders use the buy-price to update their expectations about the …

informed of his value while the other is partially informed. The second-price auction, as well as English auction, has a unique … ex-post equilibrium that yields efficient allocation. By contrast, the first-price auction has no efficient equilibrium …

expectations equilibrium) in a competitive double auction market? An apparent ex-ante answer is: intelligent enough to perform the …. Yet, laboratory experiments report that profit motivated human traders are able to aggregate information in some, but not … humans are known to use. These markets, too, converge to rational expectations equilibria in environments in which human …

elicited data. As an illustration, the methodology is applied to a double auction experiment, where traders' beliefs about the …

pay. We analyze bidding behavior in a first-price auction in which the knowledge of the bidders about the distribution of … the first-price auction exists. …

In this paper we consider equilibrium behavior in a Dutch (descending price) auction where the bidders are uninformed … auction. We assume that the information acquisition activity is covert. We characterize the equilibrium behavior in a setting …, the Dutch auction produces more revenue than would a first price auction …

In this paper we consider equilibrium behavior in a Dutch (descending price) auction where the bidders are uninformed … auction. We assume that the information acquisition activity is covert. We characterize the equilibrium behavior in a setting …, the Dutch auction produces more revenue than would a first price auction …

In Buy-It-Now auctions, sellers can post a take-it-or-leave-it price offer prior to an auction. While the literature …

We study the existence of efficient auctions in private value settings in which some bidders form their expectations … the approach in second-price and first-price auctions, we establish our main result that there is no efficient auction in …

. We report a series of first-price auction experiments to measure the degree of inefficiency that occurs with financially …