examine the impact of both the security design and the auction format. We define a notion of the steepness of a set of …-price auction yields higher revenues). We then show that an informal auction yields the lowest possible revenues across all possible …

only of the bids submitted at each auction, and are based on the fact that the winner's curse' arises only in common values … expectation of the value of winning the auction. Equilibrium behavior implies that in a private values auction these expectations …

Recently, economists have developed methods for structural estimation of auction models. Many researchers object to … explore whether structural auction models can generate reasonable estimates of bidders' private information. Using bid data … from auction experiments, we estimate four alternative structural models of bidding in first-price sealed-bid auctions: 1 …

the type of auction considered. The equilibria of a static auction with this distribution of values is used to … characterize the equilibria of the dynamic auction, making this general class very tractable. As a result of the option of future … rebidding, early bids are shaded and under mild conditions increase toward the end of the auction. Our results are consistent …

Economists have developed empirically tractable demand systems for fixed price markets. In contrast, empirical auction … techniques treat each auction in isolation, ignoring market interactions. We provide a framework for estimating demand in a large … auction market with a dynamic population of buyers with unit demand and heterogeneous preferences over a finite set of …

We introduce a simple and robust approach to answering two key questions in empirical auction analysis: discriminating … between models of entry and quantifying the revenue gains from improving auction design. The approach builds on Bulow and … and auction formats without requiring instruments or estimation of a complex structural model. We demonstrate the approach …

A large body of research has explored the importance of auction design and information structure for auction outcomes …. Much less work has considered the importance of the auction process. For example, in many auctions, auctioneers are present … and can impact the process of the auction by varying starting prices, level of price adjustments, the speed of the auction …

Bidders' risk attitudes have key implications for choices of revenue-maximizing auction formats. In ascending auctions … entry costs but contains exogenous variations of potential competition and auction characteristics. In the first scenario … equilibrium entry probabilities vary with observed auction characteristics and potential competition. We also show identification …

. Bidders can "buy-it-now" at a posted price, or "take-a-chance" in an auction where the top d > 1 bidders are equally likely to … mechanism increases revenue by 4.4% and consumer surplus by 14.5% compared to an optimal second-price auction …

bid auction. The findings are illustrated with parameters estimated from simultaneous entry USFS timber auctions where our …