auction system works, what it indicates about price formation, and how well it performs. We begin with a short description of … competitive behavior of auction houses in the determination of prices. We move on to discuss the role of experts and price … the mechanics of the auction system and then organize the remainder of our discussion around two major topics. The first …

Reverse auctions are considered a fast and inexpensive price discovery tool to award procurement contracts and it is … reverse auction. Shares are allocated endogenously, depending on the suppliers ́bids. The procedure obtains dual sourcing by … assigning positive shares to the two most competitive bids and uses discarded bids to endogeneize the reserve price. In …

We analyse a regulatory change in the Japanese IPO market that created an abrupt shift from hybrid price …-discriminatory auctions to bookbuilding. We find that bookbuilding leads to significantly higher underpricing than hybrid price …-discriminatory auctions. Further, we find evidence that price accuracy tends to be higher for auctions than for bookbuilding. The results hold …