Perfectly discriminating contests (or all pay auction) are widely used as a model of situations where individuals …

of the English auction. We discuss how this finding is related to the seller's degree of risk aversion, the reserve price … 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 …

laboratory experiment, we compare the effects of bidders' limited liability in the first-price sealed-bid auction and the English … aggressive bids and fewer bankruptcies than the first-price sealed-bid auction. <I>X</I>-cursedness gives a robust explanation of … auction in a common value setting. Our data strongly reject our theoretical prediction that the English auction leads to less …

In a charity auction with multiple goods, we show that the highest-losing bid uniform price auction revenue dominates … its lowest-winning bid counterpart. Only in the highest-losing bid uniform price auction is bidding independent of the …

In most wholesale electricity markets generators must submit step-function offers of supply to a uniform price auction …, and the market is cleared at the price of the most expensive offer needed to meet realised demand. Such markets can most … discontinuity of the required steps can rule out pure-strategy equilibria and may result in price instability. This paper argues …

independent values across bidders. The values are assumed to be perfectly persistent over time.We analyze the first-price auction …We investigate the role of market transparency in repeated first-price auctions. We consider a setting with private and … disclosure regime, in which each bidder only learns privately whether he won or lost the auction at the end of each round. In …

auction price tends to be lower. Finally, prices in services and goods sectors are more sensitive to changes in the number of … number of bidders significantly and negatively affects the procurement price. Thus, the existence of a more competitive …

market interprets increased competition at auction as indicator of the future direction of property price movements in the …This paper empirically tests auction theory by examining how the stock market evaluates the outcome of open-bid English … surrounding actual auction events, and empirically isolate the influence of conflicting auction theory predictions using data from …

We analyze the rationale for hiding information in open auction formats. In particular, we focus on the incentives for … a bidder to call a price higher than the highest standing one in order to prevent the remaining active bidders from …

sequential auctions. Each auction adopts a first-price format. A winner is awarded a fixed-price contract. Each supplier …We compare two procurement mechanisms, bundling and unbundling, in a two-stage auction model with risk-averse suppliers …. They differ in whether two sequential tasks of investment and production are procured through a single auction or two …