We study the performance of four market protocols that lead to allocative efficiency: batch auction, continuous double auction, specialist dealership, and a hybrid of these last two. In a former study, we compared them with respect to several additional performance criteria under the assumption...

We conduct laboratory experiments for the Vickrey auction with and without an announcement on strategy-proofness to subjects. Although the rate of truth-telling among the subjects stays at 20% without the announcement, it increases to 47% with the announcement. Moreover, by conducting...

We conducted laboratory experiments for the multi-unit Vickrey auction with and without advice to subjects on strategy-proofness. The rate of truth-telling among the subjects without advice was 20%, whereas the rate increased to 47% among those who received advice. By conducting similar...

We conduct laboratory experiments for the Vickrey auction with and without an announcement on strategy-proofness to subjects. Although the rate of truth-telling among the subjects stays at 20% without the announcement, it increases to 47% with the announcement. Moreover, by conducting...

We conducted laboratory experiments for the multi-unit Vickrey auction with and without advice to subjects on strategy-proofness. The rate of truth-telling among the subjects without advice was 20%, whereas the rate increased to 47% among those who received advice. By conducting similar...

Various markets ban or heavily restrict monetary transfers. This is often motivated by moral concerns. However, it appears to be disputable whether the observed restrictions on transfers are the appropriate market design answer to these concerns. Instead of exogenously restricting transfers on a...

In a centralized marketplace that was designed to be simple, we identify participants whose choices are dominated. Using administrative data from Hungary, we show that college applicants make obvious mistakes: they forgo the free opportunity to receive a tuition waiver worth thousands of...

How should we select winning bids of generation units for strategic reserves that consist of capacity bids and energy bids? In this paper, we analyze two selecting mechanisms (scoring rules): "simultaneous" and "sequential". In case of a simultaneous scoring rule, capacity and energy bids are...

Short-term electricity markets are key to an efficient production by generation units. We develop a two-period model to assess different bidding formats to determine for each bidding format the optimal bidding strategy of competitive generators facing price-uncertainty. We compare the results...

Why do some incomplete information markets feature intermediaries while others do not? I study the allocation of two goods in an incomplete information setting with a single principal, multiple agents with unit demand, and interdependent valuations. I construct a novel dynamic mechanism...