Christine A. Parlour

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We conduct experiments on common value auctions with rationing. In each auction , the good is randomly allocated to one of the k highest bidders, at the (k + 1) st highest price. When k > 1, bidders are rationed. As the degree of rationing increases, the equilibrium bid function increases. Consistent with prior literature, we find that bidders suffer from(More)
We develop a tractable dynamic general equilibrium model of oligopolistic competition with a continuum of heterogeneous industries. Industries are exposed to aggregate and industry-specific productivity shocks. Firms in each industry set value-maximizing state-contingent markups, taking as given the behavior of all other industries. When consumers are(More)
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