In Buy-It-Now auctions, sellers can post a take-it-or-leave-it price offer prior to an auction. While the literature almost exclusively looks at buyers in such combined mechanisms, the current paper summarizes results from the sellers' point of view. Buy-It-Now auctions are complex mechanisms...

In this paper, we study the relationship between reconciliations in the Colombian electricity market and the bid prices by firms on the spot market. In this work,we propose a model of behavior of the firm to elaborate theoretical predictions about the relationship between the reconciliations and...

Although one may hope to achieve equality of stated profits withoutenforcing it, one may not trust in such voluntary equality seeking andrather try to impose rules (of bidding) guaranteeing it.[...]

The …xed rate tender is one of the main operational formats usedby central banks in the implementation of their monetary policies. Whileacademic research has largely dismissed the procedure for its tendency to en-courage overbidding, central banks such as the ECB and the Bank of Englandhave...

This paper considers the introduction of stock options in an (dynamically) incomplete securities market made up of a riskless bond and the stock. The stock price follows a geometric Brownian motion with constant drift. However, there is incomplete information about the unknown stochastic...

Similar to Levati and Neugebauer (2001), a clock is used by which participants can vary their individual contributions for voluntarily providing a public good. As time goes by, participants either in(de)crease their contribution gradually or keep it constant. Groups of two poorly and two richly...

This paper solves the equilibrium bid functions of third- and higher-price auctions for a large class of distribution functions of bidders' valuations, assuming the symmetric independent private values framework, and risk neutrality. In all these auctions, equilibrium bids exceed bidders'...

Dieser Diskussionsbeitrag kommentiert Güths axiomatische Begründung der Zweit-Preis-Auktion. In diesem Zusammenhang wird auch Güths umfangreiche Analyse der Lambda-Auktion durch eine einfache und anschaulich interpretierbare Lösung ersetzt.

Second price allpay auctions (wars of attritions) have an evolutionarily stable equilibrium in pure strategies if valuations are private information. I show that for any level of uncertainty there exists a pure deviation strategy close to the equilibrium strategy such that for some valuations...

We derive a necessary and sufficient condition for the existence of equilibria with only two active players in the all-pay auction with complete information and identity-dependent externalities. This condition shows that the generic equilibrium of the standard all-pay auction is robust to the...