We conduct laboratory experiments for the Vickrey auction with and without an announcement on strategy-proofness to … the announcement. Moreover, by conducting experiments for the pay-your-bid auction, which is not strategy-proof, with and …

We study the relative performance of the first‐price sealed‐bid auction and the second-price sealed‐bid auction in a … laboratory experiment where bidders can signal information through their bidding behaviour to an outside observer. We consider … reveals the winner’s payment to an outside observer. We find that the first‐price sealed‐bid auction in which the winner …

compared to any single-stage auction. Finally we derive the optimal efficient two-stage mechanism. …

We study the role of commitment in a first-price auction environment. We devise a simple two-stage model in which … first-price auction both theoretically and experimentally. While theory suggests that the offers and the auctioneer …'s revenue should be higher in a standard first-price auction compared to the first-price auction with renegotiation, we cannot …

question of the value added of letting the sourcing process consist of both an auction and a negotiation stage, theoretically … and in a laboratory experiment. Our theoretical results suggest that in a setting where the buyer and the suppliers have … auction is beneficial to the buyer compared to no communication and ex-ante communication. In a setting where the buyer and …

aggregate dispersed information. Another reason behind the frequent utilization of open auction formats may be that they … activate revenue enhancing biases. In an experiment, we compare three auctions that differ in how much information is revealed … and in the potential activation of behavioral biases: (i) the ascending Vickrey auction, a closed format; and two open …

Using laboratory experiments, we compare the stability of bidding rings in the English auction and the first …-price sealed-bid auction in a heterogeneous-value setting. In both a re-matching condition and a fixed-matching condition, we … observe that biddings rings are more stable in the English auction than in the first-price sealed-bid auction. In both …

scarce transmission capacity at cross-border level: the 'implicit auction', already used in some countries, and the … 'coordinated explicit auction', proposed by the European Transmission System Operators (ETSO) but not implemented yet. The main … advantage of the explicit auction is that it allows each country to keep its own power exchange running. In the European …

Bidders' psychological biases can have important effects on behavior in auctions and the principles of auction design … prescriptions for auction design. When bidders are very overconfident, the first-price auction is revenue preferred to the second …-price auction. Furthermore, even when the effects are relatively mild, they can reverse Milgrom and Weber (1982)'s Disclosure …

signals, and make purchase decisions that are biased towards their initial choices. Using an incentive compatible auction …