osewalrus (osewalrus) wrote,
osewalrus
osewalrus

A New Auctions Paper: Yummers!

Just catching up on browsing Klemperer's website and came across Bidding Markets by Paul Klemperer -- from the abstract, it looks like it explains why (a) auctions are subject to market power like any other area of economic activity, and (b) the use of the term "bidding markets" is pretty much a smoke screen to hide this.

Looking forward to reading it.
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