Recent advances in the application of game theory to the study of auctions have spawned a growing empirical literature involving both experimental and field data. In this paper, we focus on four different mechanisms (the Dutch, English, first-price sealed-bid, and Vickrey auctions) within one of...

offered to players in Major League Baseball, focusing on hitters.

type="main" <p>Using a clock model of a multi-unit, oral, ascending-price auction, within the common-value paradigm, we analyze the behavior of the transaction price as the numbers of bidders and units gets large in a particular way. We find that even though the transaction price is determined by a...</p>

type="main" <p>We present field evidence concerning experienced bidders that supports the linkage principle—specifically, the prediction that in affiliated-values auction environments the expected revenues generated at open-outcry, ascending-bid auctions are higher than those under auction...</p>