Financial markets have undergone a dramatic technological transformation. Electronic and centralized limit order books dominate the organized securities exchange landscape. Banks and fund companies have invested in trading technology to improve their trade generation and monitoring processes....

The current National Football League overtime rule favors the team starting on offense. Auctioning off or dividing-and-choosing the starting possession can potentially restore ex post fairness. We find auctions to provide a better outcome when teams have asymmetric information.