In conclusion, we show that the expected quality of an Agent conditional on a $d= (0,0) $ record is always above the expected quality of an untested agent. On the other hand, the expected quality associated with a record of $ (1,1) $ is below the expected quality of an untested agent for a large...

In traditional auction theory, the auctioneer is usually treated as a non-entity or someone whose incentives are completely aligned with the seller's. In reality, quite frequently that is not the case. Many auctions are administered by third party auctioneers who do not own the product and get a...