Traditional economics focuses on hypothetical markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith's famous concept of the invisible hand, which guides markets and renders regulation or interference largely...

In the 19 th century, auctions became a widespread form of transaction for real estate in England. Contemporaries viewed auctioning as an effective method for the transaction of land, in terms of price determination and transparency. Contrary to these theoretical assumptions, the article shows...