leasehold rights be sold at public auction. There are two main types of auction: regular English auction and an unusual type … which we call a "two stage auction". The latter type of auction seems more subject to corruption, and to side deals between … positive selection as city officials divert hotter properties to a more corruptible auction form. The paper finds that, overall …

, i.e., the first best, is not implementable. Our first main result is that the open ascending auction is not second best … main result is that the second best can be implemented with a two-round auction used in real-life privatizations. We also … show how this result generalizes using a survival auction with a novel tie-breaking rule. …

This paper investigates the design of privatization mechanisms in emerging market economies. We identify an emerging … market economy by the political constraints that limit the set of viable privatization mechanisms. Our objective is to … explain the striking diversity of privatization mechanisms observed in practice and the frequent use of an apparently …

implemented via a simple two-stage qualifying auction. In the first stage of the qualifying auction, non-binding bids are … submitted to determine who enters the second stage, which consists of a standard second-price auction augmented with a reserve …