Consider a first-price, sealed-bid auction with interdependent valuations and private budget constraints. Focusing on …). The presence of budget constraints may lead to multiple symmetric equilibria in the first-price auction. …

Most of the time the budget constraints in the socialist economies were harder than in developing countries and no less … hard than in developed countries. The soft budget constraints (SBC) in socialist economies were not pervasive, as most … countries. But in the 1990s in Russia, other former Soviet republics and most East European countries budget constraints were …

soft budget constraints is seen to undermine China’s long-term growth potential. …