A bidding process can be organized so that offers are submitted simultaneously or sequentially. In the latter case, potential buyers can condition their behavior on previous entrants' decisions. The r
We propose an empirical method to analyze data from first-price procurements where bidders are asymmetric in their risk-aversion (CRRA) coefficients and distributions of private costs. Our Bayesian ap
Economists have long been puzzled by event-ticket underpricing: underpricing reduces revenue for the performer, and encourages socially wasteful rent-seeking by ticket brokers. What about using an auc