uncertainty about abatement costs and environmental damages. Such a ‘Rules Treaty’ comprises a scaling factor and a refunding rule …

academic interest in art, understanding of auction prices is limited. Price intransparency is exacerbated by contrasting … is no comprehensive theory of auction prices that combines both perspectives. To fill this gap, the author conducts three … ambiguities between theory and practice and elucidate the role of marketing for auction prices. The result is a conceptual …

We investigate experimentally whether emotions affect bidding behavior in a firstprice auction. To induce emotions, we … confront subjects after a first auction series with apositive or negative random economic shock. We then explore the relation … between emotions andbidding behavior in a second auction series. Our main results are: (i) the economic shock has asubstantial …

This paper characterizes the optimal first-price auction (FPA) and second-price auction (SPA) for selling rights …, contracts, or licenses that involve ensuing payoff uncertainty for the winning bidder. The distribution of the random payoff is …

This paper studies collusion in repeated auctions when bidders communicate prior to each stage auction. The paper …

of a multi-object auction. After the auction either all bids or only the prices to be paid are revealed to all firms … bidders' costs generally depends on the type and fierceness of the market competition, the specific auction format, and the …

effort and private information. We compare two procurement mechanisms where potential sellers first bid in an auction for …-price auction. We characterize Bayesian Nash equilibria such that both mechanisms are payoff-equivalent and induce the same efforts … and innovations. In these equilibria, signaling in the entry auction does not occur since contestants play a simple …