auction. At Japaneseflower markets, there is an additional stage, called “mari”, where buyers who lost in the previous auction … can apply for purchasing the remainder of flowers at the same price as in the previous auction. We investigate the role of … “mari” in multi-unit descending auction, and show that “mari” extensively speeds up the market procedure at the cost of …

first-price auction which do not have any minimum price. We find that winning prices of this new institution (i) coincide … with the ones of the standard first-price auction and are close to the production cost under our identical cost condition …, and (ii) are higher than the ones of the standard first-price auction and diverge from the lowest production cost under …