We study the existence of efficient auctions in private value settings in which some bidders form their expectations … the approach in second-price and first-price auctions, we establish our main result that there is no efficient auction in …

aggregate dispersed information. Another reason behind the frequent utilization of open auction formats may be that they … and in the potential activation of behavioral biases: (i) the ascending Vickrey auction, a closed format; and two open … formats, (ii) the Japanese-English auction, and (iii) the Oral Outcry auction. Even though bidders react to information …

' WTP using a non-hypothetical experimental auction for 'blood orange' [known as Arancia Rossa di Sicilia PGI (Protected …

We present an experimental test of a procedurally fair co-determination mechanism where group members reduce their …

studied for non-rivalrous goods. I examine an auction framework where the good sold can be used simultaneously by multiple … bidders if their use does not conflict with others; this simultaneous use directly affects the efficiency of the auction. A … price auction over non-conflicting groups and examine how non-rivalry impacts both efficiency and collusion. Conditions are …

auction. Our proof also eliminates two of the assumptions in their paper. …

interests that played a deci- sive role in the establishment of the auction mechanism. The article provides an analysis of the … formal and informal rules of the auction trade for real estate and argues that 19 th century real estate auctions did not … than auction theory assumes. …

better off under the dynamic mechanism relative to a Vickrey-like auction because the intermediaries are more able to exploit …-like auction. Finally, I show that in large markets the dynamic mechanism and Vickrey-like auction have the same expected total …

In Korea, local governments and local agencies had to apply a version of the first price auction augmented by an ex …-post screening process when they procure construction contracts. However, this first price auction had been criticized because it was … auction method was recently replaced by a version of the average price auction with a similar screening process. This paper …

We study when equilibrium prices can aggregate information in an auction market with a large population of traders. Our …