Auction Design without Commitment



Finally, our model provides also some insights into the literature on optimal
auctions under efficiency (e.g. Ausubel and Cramton 1999; Krishna and Perry,
1998). The efficiency restriction is usually motivated vaguely by appealing to
”Coasian dynamics”, which leads to efficient allocation of resources through the
seller’s commitment inability, or resale markets.25 This paper is explicit on how
efficiency emerges as a consequence of sequentially rational redesigns of auction
mechanisms.

25 Zheng (2002) is an exception. He characterizes outcome functions that can be implemented
with explicit resale markets. See also Haile (2000) for a formal modelling of retrading.

17



More intriguing information

1. EFFICIENCY LOSS AND TRADABLE PERMITS
2. The name is absent
3. Secondary stress in Brazilian Portuguese: the interplay between production and perception studies
4. The name is absent
5. Campanile Orchestra
6. Naïve Bayes vs. Decision Trees vs. Neural Networks in the Classification of Training Web Pages
7. The name is absent
8. Sex differences in the structure and stability of children’s playground social networks and their overlap with friendship relations
9. The name is absent
10. Artificial neural networks as models of stimulus control*