Frutos, María Ángeles De; Alejos, Espinosa; Paz, María - Departamento de Fundamentos del Análisis Económico … - 2012
This paper analyzes auctions where bidders face nancial constraints that may force them to resell part of the property of the good (or subcontract part of a project) at a resale market. First we show that the ine¢ cient speculative equilibria of second- price auctions (Garratt and Tröger,...