Analyzing the optimal bidding behavior in ascending-bid auctions and second-price, sealed-bid auctions with independent private values, the authors show that expected utility maximizing behavior is equivalent to (1) dynamically consistent bidding in ascending-bid auctions; (2) the equivalence of...

We examine the implications for social choice of individuals having an intrinsic sense of fairness. Taking the viewpoint that social justice reflects the moral attitudes of the constituent members, we analyze the effect of the intensity of the individual sense of fairness on university admission...