Auctions are the allocation-mechanisms of choice whenever goods and information in markets are scarce. Therefore … comparative statics of welfare versus revenues for auctions with one or more objects and varying numbers of bidders. Depending on …

suppliers. We also compare other common contests, in particular, fixed-prize tournaments and auctions. Like bonus tournaments …, auctions implement the socially optimal diversity, but usually with higher rents for the suppliers. Fixed-prize tournaments … implement insufficient diversity, but may nevertheless be preferred by the buyer to auctions because of lower supplier rents. …

Public agencies mainly rely on two modes to procure goods and services: auctions and direct negotiations. We study a … 1994 policy change in Germany that introduced the possibility to procure rail services in auctions as well as in direct …, auctions improve service levels and reduce prices. As a result, surplus on auctioned lines increased by about 30 …

This paper develops an economic argument relating auctions to high marketprices. At the core of the argument is the …

There is by now a large literature arguing that auctions with a variety of after-market interactions may not yield an … auctioneer. We show that auctions with flexible entry fees have a fully revealing equilibrium where bidders signal their type …

increase in anticipation of auctions of new issues and decrease after the auction, while no or a smaller such effect is present …