In this paper we analyse the horizontal merger of companies in an already concentrated industry. The participants in mergers are obliged to submit notification to the Competition Commission but they also have the option of rejecting the merger. At the time of the notification submission the...

This paper analyses equilibrium in competitive markets with asymmetrically informed agents. In contrast to Walrasian equilibrium, where equilibrium price is only an indicator of relative scarcity, in the models studied in this paper equilibrium price has two additional roles. It conveys and...

This paper reviews single object auctions when bidders’ values of the object are interdependent. We will see how the auction forms could be ranked in terms of expected revenue when signals that bidders have about the value of the object are affiliated. In the discussion that follows we will...

This paper reviews some multi-unit auction mechanisms that are used in the procurement of electricity. In ordinary multi-unit auctions bidders compete to buy several units of the same object from the seller, while in procurement or reverse auctions suppliers of electricity compete to sell a...

This paper reviews equilibrium behaviour in different auction mechanisms. We will deal with two types of open auctions, English and Dutch, and two types of sealed-bid auctions, first-price and second-price, when there is a single object for sale and bidders have private values. We show that...