We analyze a divisible good uniform‐price auction that features two groups, each with a finite number of identical …

auction to guard against firms bidding low to win the contract and then cutting back on effort. While competition helps reduce …

Intuition suggests that an auction maximizes revenue for the seller; yet empirically, many companies sell their … businesses in a negotiation with one buyer. I argue that, when potential buyers are market competitors, an auction may generate … lower revenue for the seller. First, in an auction, private information of the seller is disclosed to all bidders during the …