uncertainty about abatement costs and environmental damages. Such a ‘Rules Treaty’ comprises a scaling factor and a refunding rule …

This paper characterizes the optimal first-price auction (FPA) and second-price auction (SPA) for selling rights …, contracts, or licenses that involve ensuing payoff uncertainty for the winning bidder. The distribution of the random payoff is …

under demand uncertainty: we solve for equilibrium and optimum as benchmarks, and evaluate the efficiency of possible … study, regulation by competitiv e auction cannot replicate the second-best zero-profit result. For more complex networks … parameter range considered in the numerical simulation, entry by generalized auction performs better than entry by patronage …