We investigate equilibrium bidding in first-price auctions with asymmetric reserve prices. For example, the auctioneer … may set a low reserve price for one subset of bidders and a high reserve price for others. When used to pursue a … distributional objective, lowering the reserve price for some bidders channels benefits toward marginal agents in the favored group …

We explain how the common practice of size-discovery trade detracts from overallfinancial market efficiency. At each of … that rely on the most recent exchangeprice. Traders can thus mitigate exchange price impacts by waiting for size … aggressively on the exchange, further delaying therebalancing of positions, and more than offsetting the gains from trade that …

private information. In this setting, the seller cannot achieve greater payoffs than those obtained by posting a price in each … period. However, price posting is not optimal if the buyer is sufficiently impatient relative to the seller. It is also …

mechanism all collusive side-bargaining fails, similar to the trade failure in Akerlof's (1970) car market and in models of … bilateral trade. …