This paper compares whether the first-price sealed-bid tender or the ascending English open auction generates higher revenue for the seller. Using a unique data for land sales and accounting for the presence of an endogenous discrete mechanism choice variable, our results show that the...

We offer a theoretical and empirical comparison of auctions and negotiated sales. We first build a simple model to show that auctions generate a higher relative price than negotiated sales when demand for the asset is strong, when the asset is more homogeneous, and when the asset attracts buyers...

We offer a theoretical and empirical comparison of auctions and negotiated sales. We first build a simple model to show that auctions generate a higher relative price than negotiated sales when demand for the asset is strong, when the asset is more homogeneous, and when the asset attracts buyers...