A Payment Cost Minimization auction has been proposed as an alternative to the Offer Cost Minimization auction for use …, controlling for the level of unilateral market power. The analysis finds that neither auction results in allocations that …

. Employing an order-balanced design, we use first-price auctions (FPAs) to expose participants to an auction format in which …

cognitive skills. Employing an order-balanced design, we use first-price auctions (FPAs) to expose participants to an auction …

conducted an experiment where traders could decide to trade either in an (efficient) double-auction institution or in a posted … coordination on the double-auction occurs, with the posted-offers institution becoming inactive. In contrast, under constant …

a second-price auction. Buyers' valuations for each item are drawn i.i.d. from a distribution F that is unknown to the … static Myerson optimal auction for F. Further, if valuation distributions differ across bidders, the loss relative to the …

Faster trading improves liquidity in periodic call auction markets, in contrast to continuous-timemarkets. We build a … the likelihood that a single HFT arrives inany given auction and subsequently acts as a monopolist on information. Higher … improving liquidity. We find that faster trading and longer auction intervalsare substitute instruments to reduce bid …