We consider a budget-constrained mechanism designer who wants to select an optimal subset of projects to maximize her utility. Project costs are private information and the value the designer derives from their provision may vary. In this allocation problem the choice of projects - both which...

We consider a budget-constrained mechanism designer who selects an optimal set of projects to maximize her utility. Projects may differ in their value for the designer, and their cost is private information. In this allocation problem, the quantity of procured projects is endogenously determined...

This contribution revisits the problem of allocating R&D subsidies by government agencies. Typically, the applicants' financial constraints are private information. The literature has recommended the use of auctions in order to reduce information rents and thus improve the efficiency of how...

A new method is proposed to divide upcoming spectrum band allocations into two different spectrum license/management right types. The first, a spectrum license, would allow successful auction bidders to rollout mobile radio networks on a long-term nationwide scale as normal. The second is a new...

In multi-unit auctions, such as auctions of commodities and securities, and financial exchanges, it is necessary to specify rationing rules to break ties between multiple marginal bids. The standard approach in the literature and in practice is to ration marginal bids proportionally. This paper...

A principal uses security bid auctions to award an incentive contract to one among several agents in the presence of hidden action and hidden information. Securities range from cash to equity and call options. "Steeper" securities are better surplus extractors that narrow the gap between the two...

Are there too many satellites in Low Earth Orbit, or too few? Why not use a market mechanism such as space launch auctions or orbit auctions to answer this question? This paper contributes to the literature on outer space governance by proposing a novel method of outer space governance: orbit...

If bidders are uncertain whether the auctioneer sticks to the announced reserve, some bidders respond by strategic non-participation, speculating that the auctioneer may revoke the reserve. However, the reserve inadvertently signals the auctioneer's type, which drives a unique separating and a...

A principal uses security bid auctions to award an incentive contract to one among several agents in the presence of hidden action and hidden information. Securities range from cash to equity and call options. "Steeper" securities are better surplus extractors that narrow the gap between the two...

The second–generation GSM spectrum auction in Germany is probably the most clear cut example of a low price outcome in a simultaneous ascending-bid auction. The present paper gives an account of the events, describes the auction rules and market conditions, and provides a theoretical...