of the higher type. We then study an auction platform that matches each seller to two agents, and show that the optimal …

strategic decisions. While largely descriptive of tender offers for control, the auction framework also helps explain choices … made in takeover negotiations where the outside option is the outcome of an open auction. Empirical findings include the … public bid deters further competition. When rival bidder do enter the auction, they do so surprisingly quickly - within two …

We investigate the effect of overreaction in the fine art market. Using a unique sample of auction prices of modern …) auction pricing estimate. Based on the overreaction hypothesis, we predict that overvalued (undervalued) prints generate a …

-cost firm under incomplete information: a separating auction implies adverse selection and relies substantially on commitment to … allocation and transfer rules. A pooling auction serves as a commitment device against ex-post opportunistic behavior and … alleviates adverse selection. It can earn the investor a higher expected payoff than a separating auction, even when consistency …