A simple common value auction is considered where it is optimal to set a ceiling price in addition to a reserve price. The ceiling price prevents the better informed bidder from outbidding the less informed bidders. This guarantees participation from the less informed bidders raising the...

Raising cash in multiple stages can lower financing costs for an entrepreneur faced with multiple, differentially informed, strategic investors. By affecting investor incentives to participate in different rounds, the winner's curse problem can be partially alleviated. The results offer insight...

A simple common value auction is considered where it is optimal to set a ceiling price in addition to a reserve price. The ceiling price prevents the better informed bidder from outbidding the less informed bidders. This guarantees participation from the less informed bidders raising the...

Raising cash in multiple stages can lower financing costs for an entrepreneur faced with multiple, differentially informed, strategic investors. By affecting investor incentives to participate in different rounds, the winner's curse problem can be partially alleviated. The results offer insight...