Publications

Educators

Research Summary

Internet Auctions for Close Substitutes

(with Eric Budish)

This is mainly an experimental project where we compare many auction designs in a market for close substitutes. We hypothesize some information will not get to market if there is sequential bidding and/or a hard close, and that this will... View Details

August 2023
Article

The 5G Spectrum Auction in Chile

By: Juan Escobar, Rafael Epstein, Jose Correa, Pamela Gidi, Jozsef Markovits, Natalie Epstein, Yerko Montenegro and Abner Turkieltaub

In 2021, the Chilean government implemented a first-price package auction to allocate electromagnetic spectrum for 5G mobile services. The auction was run sequentially for different spectrum bands, allowing firms to exploit band complementarities. It was a... View Details

Keywords: Bids and Bidding; Competition; Revenue; Telecommunications Industry; Chile

22 Jan 2010
Working Paper Summaries

Competing Ad Auctions

Keywords: by Itai Ashlagi, Benjamin G. Edelman & Hoan Soo Lee; Advertising

March 2009 (Revised September 2011)
Case

UBS and Auction Rate Securities (A)

By: Daniel Baird Bergstresser, Shawn A. Cole and Siddharth Bhaskar Shenai

UBS, a global financial services company, must decide whether to continue to support the market for Auction Rate Securities in the face of a growing financial crisis. These instruments, underwritten by UBS, were marketed to clients as highly liquid and safe... View Details

Keywords: Cost vs Benefits; Financial Crisis; Asset Pricing; Financial Liquidity; Financial Instruments; Government Legislation; Risk and Uncertainty; Financial Services Industry

Educators

April 2010
Supplement

The Auction for Travelport (B)

By: Andrei Hagiu and Misha Sanwal

This short case presents the epilogue of The Auction for Travelport (A). Blackstone decided to bid on its own, acquired Travelport for $4.3 billion and subsequently went on to acquire another GDS, Travelspan, for $1.4 billion. It then merged the two GDSs and partially... View Details

Keywords: Competitive Advantage; Value Creation; Private Equity; Mergers and Acquisitions; Industry Structures; Initial Public Offering; Capital Markets; Market Transactions; Change; Auctions; Travel Industry

2007
Article

Greedy Bidding Strategies for Keyword Auctions

By: Matthew Cary, Aparna Das, Benjamin Edelman, Ioannis Giotis, Kurtis Heimerl, Anna Karlin, Claire Mathieu and Michael Schwarz

How should players bid in keyword auctions such as those used by Google, Yahoo! and MSN? We consider greedy bidding strategies for a repeated auction on a single keyword, where in each round, each player chooses some optimal bid for the next round, assuming that the... View Details

Keywords: Auctions; Bids and Bidding; Strategy; Revenue; Search Technology

January 2004
Article

Precautionary Bidding in Auctions

By: Péter Esö and Lucy White

Keywords: Bids and Bidding; Auctions

July 2014
Article

Convergence of Position Auctions under Myopic Best-Response Dynamics

By: Matthew Cary, Aparna Das, Benjamin Edelman, Ioannis Giotis, Kurtis Heimerl, Anna Karlin, Scott Duke Kominers, Claire Mathieu and Michael Schwarz

We study the dynamics of multi-round position auctions, considering both the case of exogenous click-through rates and the case in which click-through rates are determined by an endogenous consumer search process. In both contexts, we demonstrate that the dynamic... View Details

Keywords: Sponsored Search; Advertising; Google; Equilibrium Selection; Online Advertising; Advertising Industry

2010
Working Paper

Optimal Auction Design and Equilibrium Selection in Sponsored Search Auctions

By: Benjamin Edelman and Michael Schwarz

14 Jan 2010
Working Paper Summaries

Optimal Auction Design and Equilibrium Selection in Sponsored Search Auctions

Keywords: by Benjamin G. Edelman & Michael Schwarz

Research Summary

eBay Auctions as Markets

An examination of eBay from an industrial organization and competitive firms perspective. Exploits survey data as a measure of information dispersion. View Details

November 1977 (Revised December 1977)
Case

Exxon Corp.: Dutch Auction

By: Samuel L. Hayes III

Keywords: Energy Industry

07 Sep 2010
News

India's Online Auction Pioneers

December 1983
Case

RCA Transponder Auction (A)

December 2021
Article

Auctioneers Sometimes Prefer Entry Fees to Extra Bidders

By: Jiafeng Chen and Scott Duke Kominers

We investigate a market thickness–market power tradeoff in an auction setting with endogenous entry. We find that charging admission fees can sometimes dominate the benefit of recruiting additional bidders, even though the fees themselves implicitly reduce competition... View Details

Keywords: Entry; Reserve Prices; Entry Fees; Auctions; Design

06 Feb 2008
Working Paper Summaries

On Best-Response Bidding in GSP Auctions

Keywords: by Matthew Cary, Aparna Das, Benjamin G. Edelman, Ioannis Giotis, Kurtis Heimerl, Anna R. Karlin, Claire Mathieu & Michael Schwarz; Technology

January 2002
Supplement

Auction Vignettes-Answers & Discussion

By: Guhan Subramanian

Supplements the case. View Details