Low-revenue equilibria allow participants in an auction to obtain goods at prices lower than would prevail in a competitive market. These outcomes are generated as perfect equilibria of ascending-bid, multiunit auctions. We show that these equilibria are possible under mild...

The theory of auction design examines how various factors affect the outcome of an auction. Most of the existing literature focuses on how varying the amount of information available to each bidder affects the bid-taker's expected revenue when all other factors remain constant. This paper...

We investigate the effect of regret-related feedback information on bidding behavior in sealed-bid first-price auctions. Two types of regret are possible in this auction format. A winner of the auction may regret paying too much relative to the second highest bid, and a loser may regret missing...

While most models of auctions and competitive bidding assume that each bidder's utility for an outcome depends only on his own profit, we allow the utility to also depend on any regret that a bidder suffers after the fact and characterize when and how this affects bidding. Specifically, a winner...

We present an example of risk neutral bid-taker and bidders in which the bid-taker obtains a greater expected revenue from auctioning an inefficient contract than from auctioning an efficient contract. This occurs because in going from the efficient contract to an inefficient (but almost...