At equilibrium with respect to bids, entry and information acquisition, oral auctions can generate significantly more revenue than sealed-bid auctions even in the case of independently-distributed privately-known values

The completion of the Erie Canal traditionally receives primary credit for the rapid growth of trade through the Port of New York relative to other East Coast ports. This credit ignores the dramatic increase in imports through New York prior to the completion of the canal. We examine an...

The completion of the Erie Canal traditionally receives primary credit for the rapid growth of trade through the Port of New York relative to other East Coast ports. This credit ignores the dramatic increase in imports through New York prior to the completion of the canal. We examine an...

We consider multi-unit auctions in which there are enough units so that each bidder but one wins every unit that they bid on. We characterize the equilibrium bidding strategy for three different payment rules: the pay-your-bid auction, the uniform price auction in which the price equals the...