second novel treatment with external risk. This treatment captures the risk, prevalent in online auctions, that winners will … not receive a good of value. We find that dynamic auctions-including the English-are particularly susceptible to …

Auctions are increasingly being used to allocate emissions allowances (“permits”) for cap and trade and common …-pool resource management programs. These auctions create thick markets that can provide important information about changes in …-bid auctions and for multiround clock auctions, with or without end-of-round information about excess demand. Price inertia is …