The Bank of Spain uses a unique auction format to sell government bonds, which can be seen as a hybrid of a uniform and a discriminatory auction. For winning bids above the average winning bid, buyers are charged the average winning bid, otherwise they pay their respective bids. We report on an...

We conducted a controlled field experiment on eBay and examined to what extent both social and competitive laboratory behavior is robust to institutionally complex real world markets with experienced traders, who selected themselves into these markets. EBay's natural trading system provides...

ABSTRACT. Popular procurement auction formats vary along two main dimensions: (1) whether the winner is determined by the lowest price or by the buyer, and (2) whether auctions are sealed bid or dynamic. The attractiveness of these formats critically depends on information available to bidders...