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novel call auction model with insider information. Our model predicts that more insider information improves informational … of insider information the call auction performs worse than continuous double auction. Testing these hypotheses in the … lab we find that insider information increases informational efficiency of call auction prices but does not decrease the …
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as an explanation. If spite extends to the seller, then the absence of human sellers who receive the auction revenue may …
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compared to any single-stage auction. Finally we derive the optimal efficient two-stage mechanism. …
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degree of complexity by offering various levels of decision support. Our results show that the equivalence of the two auction …
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