An auction is externality-robust if unilateral deviations from equilibrium leave the other bidders' payoffs unaffected … externalities due to spiteful preferences, which have been used to explain overbidding in the second-price auction (SPA). Another … example are cross-shareholdings between companies that compete in an auction. We derive an auction that coincides with the SPA …

design to evaluate how prices differ along regulation boundaries that constrain resource development. The auction format and …

– that an intransparent negotiation yields a higher buyer surplus than a transparent auction for a range of parameters. In …

-off, a hybrid share auction that includes a (possibly negative) cash reward to the winner, a minimum share, and an option to …

at a fixed price before an auction. In the “Buy-It-Now” format, the seller has the bargaining power and offers a price … prior to the auction; whereas in the “Sell-It-Now” format, it is the buyer. Both formats are extensively used in online and … offline markets. Despite very different strategic implications for buyers and sellers, results from our experiment suggest no …

laboratory experiment. In theory, the chopstick auction has an efficient equilibrium and is revenue equivalent with the second …-price sealed-bid auction in which the exposure problem is not present. In the experiment, however, we find that the 'chopstick … called the 'chopstick auction' in which bidders are confronted with the exposure problem. We do so both in theory and in a …