Dutch Auction Rate Preferred Stock (DARPS) was created in the 1980s as a way for fully taxable corporate investors and … few weeks through an auction, minimizing price risk and allowing corporate treasurers to use the shares like a money …

. We approached about 4500 households, each participating in either an all-pay auction, a lottery, a non …-pay auction and the lottery. Although the all-pay auction is the superior fundraising mechanism both in theory and in the … anomaly. First, participation in the all-pay auction is substantially lower than in the other mechanisms while the average …

We investigate experimentally whether emotions affect bidding behavior in a firstprice auction. To induce emotions, we … confront subjects after a first auction series with apositive or negative random economic shock. We then explore the relation … between emotions andbidding behavior in a second auction series. Our main results are: (i) the economic shock has asubstantial …