In a second-price sequential auction with both global and local bidders, we explore the optimal order for selling heterogeneous goods to maximize efficiency or revenue. Our findings indicate that selling the good with very small variance (almost-zero variance) first yields higher revenue, while...

We consider the problem of allocating multiple units of an indivisible object among a set of agents and collecting payments. Each agent can receive multiple units of the object, and has a (possibly) non-quasi-linear preference on the set of (consumption) bundles. We assume that preferences...

We consider the problem of allocating a single object to the agents with payments. Agents have preferences that are not necessarily quasi-linear. We characterize the class of rules satisfying pairwise strategy-proofness and non-imposition by the priority rule. Our characterization result remains...

This study explores two key factors influencing subjects' deviation from domi- nant bidding in Vickrey auction experiments. The first factor examines subjects' understanding of strategy-proofness (SP), while the second focuses on "human interaction" which includes social preferences (spite and...

Auctions are a popular and prevalent form of trading mechanism, despite the restriction that the seller cannot price-discriminate among potential buyers. To understand why this is the case, we consider an auction-like environment in which a seller with an indivisible object negotiates with two...

This paper analyzes an auction mechanism that excludes overoptimistic bidders inspired by the rules of the procurement auctions adopted by several Japanese local governments. Our theoretical and experimental results suggest that the endogenous exclusion rule reduces the probability of suffering...

Several Japanese local governments started to add endogenous minimum prices to firstprice auctions in their public procurements. Any bid less than the endogenous minimum price is referred to as abnormally low and is excluded from the procurement procedure. The endogenous minimum price is...

This paper analyzes an all-pay auction where the winner is determined according to the sum of the bid and a handicap endowed to all players. The bidding strategy in equilibrium is then explicitly derived as a 'piecewise affine transformation' of the equilibrium strategy in an all-pay auction...

We consider situations where a society tries to efficiently allocate several homogeneous and indivisible goods among agents. Each agent receives at most one unit of the good. For example, suppose that a government wishes to allocate a fixed number of licenses to operate in its country to private...

We characterize the optimal bidding strategies of local and global bidders for two heterogenous licenses in a multi-unit simultaneous ascending auction. The global bidder wants to win both licenses to enjoy synergies; therefore, she bids more than her stand-alone valuation of a license. This...