Dynamic mechanisms offer powerful techniques to improve on both revenue and efficiency by linking sequential auctions using state information, but these techniques rely on exact distributional information of the buyers' valuations (present and future), which limits their use in learning...

We design a non-clairvoyant dynamic mechanism under budget and ex-post individual rationality constraints that is dynamic incentive-compatible and achieves non-trivial revenue performance, even without any knowledge about the future. In particular, our dynamic mechanism obtains a constant...

We introduce a new family of dynamic mechanisms that restricts sellers from using future distributional knowledge. Since the allocation and pricing of each auction period do not depend on the type distributions of future periods, we call this family of dynamic mechanisms non-clairvoyant.We...

Dynamic mechanisms are a powerful technique in designing revenue-maximizing repeated auctions. Despite their strength, these types of mechanisms have not been widely adopted in practice for several reasons, e.g., for their complexity, and for their sensitivity to the accuracy of predicting...

Why do some incomplete information markets feature intermediaries while others do not? I study the allocation of two goods in an incomplete information setting with a single principal, multiple agents with unit demand, and interdependent valuations. I construct a novel dynamic mechanism...

A firm can merge with one of n potential partners. The owner of each firm has private information about both his firm's stand-alone value and a component of the synergies that would be realized by the merger involving his firm. We characterize incentive-efficient mechanisms in two cases. First,...

We address the scheduling problem of reordering an existing queue into its efficient order through trade. To that end, we consider individually rational and balanced budget direct and indirect mechanisms. We show that this class of mechanisms allows us to form efficient queues provided that...

We address the scheduling problem of reordering an existing queue into its efficient order through trade. To that end, we consider individually rational and balanced budget direct and indirect mechanisms. We show that this class of mechanisms allows us to form efficient queues provided that...

The seller of N distinct objects is uncertain about the buyer's valuation for those objects. The seller's problem, to maximize expected revenue, consists of maximizing a linear functional over a convex set of mechanisms. A solution to the seller's problem can always be found in an extreme point...

We study whether the mechanism design in the central bank liquidity auctions matters for the interbank money market interest rate levels and volatility. Furthermore, we compare different mechanisms to sell liquidity in terms of revenue, efficiency and auction stage interest rate levels and...