We investigate the possibility of enhancing efficiency by awarding premiums to a set of highest bidders in an English … auction - in a setting that extends Maskin and Riley (1984, Econometrica 52: 1473-1518) in three aspects: (i) the seller can … be risk averse, (ii) the bidders can have heterogeneous risk preferences, and (iii) the auction can have a binding …

“sniping” agents that wait until the last moments of an auction to bid (truthfully) on behalf of a human user. These agents … fare well against “naïve” agents (typically assumed to be those who bid incrementally on the most profitable open auction …, encompassing all bids submitted on four specific product types over a 3-month period, we analyze the allocative efficiency, price …

auction model in which a seller's choice of reserve price signals her private information about the object's quality. We show …. We estimate the reserve price signaling model using a novel dataset from a large online auto auction platform. We find …

auction data can be learned without restrictions beyond those derived from the relevant economic model. This enables us to … take a nonparametric perspective in discussing how the structure of auction models can be combined with observables to … uncover (or test hypotheses about) primitives of interest in auction markets. We focus on first-price sealed-bid and ascending …

This paper characterizes the optimal first-price auction (FPA) and second-price auction (SPA) for selling rights … the optimal SPA does, which suggests that FPA dominates SPA in terms of both allocative and Pareto efficiency. Increasing …