We study the emergence and nature of long-run behavior of continuous state space dynamics that are subjected to random shocks. It is shown that the fine details of the underlying deterministic dynamics may be crucial in determining the evolution of the system. In particular, a risk dominated...

We consider a single indivisible object auctioned in an ascending bid English auction. Two variations of this auction are compared with respect to the seller's revenue. In the first mechanism the participants observe the identity of a bidder that drops from the auction while in the second...