Auction theory has recently revealed that multi-unit uniform-price auctions, such as those used by the U.S. Treasury for debt sales, entail demand-reduction incentives that can cause inefficient allocations. Recent experimental results show that bidders do indeed strategically reduce their bids...

My coauthors and I reply to the comments of Daniel Levin on our paper "Demand Reduction in Multiunit Auctions: Evidence from a Sportscard Field Experiment." In his comment, Levin presents new theory and proposes a new equilibrium to explain annomalies reported in our earlier sportscard auction,...

The auction of an object is considered, for the case in which one bidder is better-informed than the others concerning the actual value of the object. An equilibrium point solution of the competitive bidding game is determined; at this equilibrium, the expected revenue of the less-well-informed...