Members of a bidding ring often use a private sale among themselves, known as the knockout, to decide who will buy the object that the ring has secured. The difference between the price realized in this private sale and the price paid by the ring in the public auction is divided, on the basis of...

This paper investigates bidding patterns in sequential auctions using data from a sale of rare books by a non-profit institution. The data has features of a field experiment: Lots were arranged in alphabetical order and the reserve was set non-strategically. Further, half the bids were placed by...

This paper endogenizes exclusive dealing through a distribution channel in auction markets. In particular, it is demonstrated that a seller prefers to exclude final consumers and sell only to re-sellers when these resellers can gain access, at a cost, to a sufficiently bigger market than the...

This paper uses a unique data-set collected in a consistent way over a number of different auctions to investigate how empirical regularities in sequential auctions depend on the number of lots sold in those auctions. It is shown that prices tend to decline faster in auctions in which a small...