, i.e., the first best, is not implementable. Our first main result is that the open ascending auction is not second best … because it is prone to rushes, i.e., all active bidders quitting simultaneously, that undermine its efficiency. Our second … main result is that the second best can be implemented with a two-round auction used in real-life privatizations. We also …

generalized second price auctions. However, such an auction or mechanism could be considered unfair if similar consumers are … assignment can improve fairness while improving efficiency in some circumstances. …

We propose a dynamic auction mechanism for efficiently allocating multiple heterogeneous indivisible goods. These goods … the auction, the auctioneer announces the current prices for all items, bidders respond by reporting their demands at … their market power, this dynamic auction always induces the bidders to bid truthfully as price-takers, yields an efficient …

-of these markets. Allowing for general fee structures, we show that their impact on incentives and efficiency in large Double … than the Double Auction. …

the MPW rule is the unique rule satisfying \textit{strategy-proofness}, \textit{efficiency}, \textit … ascending (SA) auction, our result supports SA auctions adopted by many governments. …

desirable properties, which highlights the strong tension between egalitarian-equivalence and efficiency. In contrast, in the … case of two agents and a single object, egalitarian-equivalence is compatible with efficiency. …

-bidding equilibrium coexists with a continuum of inefficient equilibria in which the speculator wins the auction and makes positive … auction and distorts the final allocation depends on the number of bidders, the value distribution, and the discount factor …

further expansion of government spending as a percentage of GDP, public spending efficiency will need to be raised. This paper … uses data envelopment analysis (DEA) to assess the efficiency of welfare spending (normalized by the working-age population … in efficiency measures across OECD countries and provide possible quantified improvements for both output and input …