companies have 50% probability to win the auction; ii) the majority of winning bids come from state public companies in …

Laboratory experiments reporting on shortfalls from allocative efficiency of allocation mechanisms depend on the … induced-values methodology, which cannot be extended to the field. Harstad [2011] proposes to observe efficiency of allocation … in a highly simplified economy: allocation of a single unit of an abstract commodity. In the context studied, second …

-discriminate among potential buyers. To understand why this is the case, we consider an auction-like environment in which a seller with … trading process resembles the Dutch auction, except that the seller is allowed to offer different prices to different buyers … payoff is driven down to the second-price auction level. Our analysis suggests that having the discretion to price …

countries of origin. We employ the Vickrey second-price sealed bid auction and conducted auctions in three major cities in …

' of the equilibrium strategy in an all-pay auction without handicaps. The paper also discusses the allocation rule …This paper analyzes an all-pay auction where the winner is determined according to the sum of the bid and a handicap …

allocation mechanism is herein defined to be behaviorally efficient if an appropriate aftermarket is actually appended to the … allocation mechanism and at most a negligible aggregate size of mutually beneficial gains is observed on the aftermarket …

the frequency of inefficient allocation in the simultaneous ascending auction. Then, we show that the Vickrey …-unit simultaneous ascending auction. The global bidder wants to win both licenses to enjoy synergies; therefore, she bids more than her …-Clarke-Groves (VCG) mechanism may generate more revenue than the simultaneous ascending auction. …

from them. The minimum price Walrasian (MPW) rule is the rule that assigns a minimum price Walrasian equilibrium allocation … that of the simultaneous ascending (SA) auction, our result explains the pervasive use of the SA auction. …

Potential bidders respond to a seller's choice of auction mechanism for a common-value or affiliated-values asset by …. Privately informed participants decide whether to incur a bid-preparation cost and pay an entry fee, or cease competing. Auction … revenue identity for any auction mechanism implies that optimal auctions are allocatively efficient; a nontrivial reserve …