second-price auctions. Overbidding is a robust finding in second- price auctions, and spite among bidders has been advanced … as an explanation. If spite extends to the seller, then the absence of human sellers who receive the auction revenue may … seller on overbidding. We conclude that overbidding is not an artefact of the standard experimental implementation of second-price …

externality-robust implementation. In particular, we derive the externality-robust counterpart of the second-price auction. Our … experiments replicate the earlier finding of overbidding in the second-price auction, but we find that average bids equal value in … players' monetary payoffs. One example is externalities due to spite, which has been used to explain overbidding in second-price …

We investigate the impact of using a clear scoring rule in a sealed bid multi-dimensional (A+B) procurement auction, as …

externality-robust implementation. In particular, we derive the externality-robust counterpart of the second-price auction. Our … experiments replicate the earlier finding of overbidding in the second-price auction, but we find that average bids equal value in … players' monetary payoffs. One example is externalities due to spite, which has been used to explain overbidding in second-price …

Renegotiation is a common practice in procurement auctions which allows for post-auction price adjustments and is … nominally intended to deal with the problem that sellers might underestimate the eventual costs of a project during the auction …

In many markets, sellers advertise their good with an asking price. This is a price at which the seller will take his … good off the market and trade immediately, though it is understood that a buyer can submit an offer below the asking price …, realistic ingredients and demonstrate that, by using an asking price, sellers both maximize their revenue and implement the …

Received auction theory prescribes that a reserve price which maximizes expected profit should be no less than the … auction that has no reserve price, an absolute auction … for second-price auctions. The main result is that an optimal reserve price may be less than the seller's value if bidders …

, there is no clear theoretical explanation for why the reserve price should be disclosed publicly or kept secret. Therefore … reserve price results in increased revenue for the seller. Our study offers insights into the preferences of buyers and … sellers in auctions with independent private values and suggests that selling reserve price information to buyers can lead to …

In many markets, sellers advertise their good with an asking price. This is a price at which the seller will take his … good off the market and trade immediately, though it is understood that a buyer can submit an offer below the asking price …, realistic ingredients and demonstrate that, by using an asking price, sellers both maximize their revenue and implement the …

is closer to dominance in the dynamic ascending clock than the static second-price auction (private values). We replicate … his experimental study and add three intermediate auction formats to decompose this behavioral improvement into cumulative … effects of (1) seeing an ascending-price clock (after bid submission), (2) bidding dynamically on the clock and (3) getting …