This paper explores, theoretically and experimentally, a fixed-price mechanism by which, if aggregate demand exceeds supply, bidders are proportionally rationed. If demand is uncertain, equilibrium consists in overstating true demand to alleviate the effects of being rationed. Overstating is...

In a recent paper, Thomson and Yeh [Operators for the adjudication of conflicting claims, Journal of Economic Theory 143 (2008) 177-198] introduced the concept of operators on the space of rules for the problem of adjudicating conflicting claims. They focussed on three operators in order to...