This paper revisits recent empirical research on buyer credulity in arts auctions and auctions for assets in general …

post. We show that this is achieved by bilateral negotiations but not by auctions. Negotiations strictly outperforms … auctions if sellers are likely to have superior information about possible design improvements, if renegotiation is costly, and … incentives for sellers to investigate possible design improvements than auctions. This provides an explanation for the widespread …

This paper considers procurement auctions with costly bidding when the auctioneer is unable to commit himself to …

of merging with a takeover target. Two auction rules are considered: standard first-price and profit-share auctions …