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1 Introduction The London bus routes market provides an early example of the use of a combinatorial auction format in public procurement. This market covers about 800 routes serving an area of 1,630 square kilometers and more than 3.5 million passengers per day. It is valued at 600 million Pounds per year (roughly US $900 million). Prior to deregulation,(More)
Bidders' asymmetries are widespread in auction markets. Yet, their impact on behavior and, ultimately, revenue and profits is still not well understood. This paper defines a natural benchmark auction environment to which to compare any private values auction with asymmetrically distributed valuations. The main result is that the expected revenue from the(More)
Are exchanges natural monopolies? How much does liquidity, differentiation, intermediation, and multi-homing matter to exchange competition? We answer these questions by studying competition between two exchanges over the Bund contract. The competition lasted for eight years, until the market eventually tipped in favor of the entrant. Specifically, we study(More)
Extended abstract-description of preliminary results At Harvard Business School, like at many other professional schools around the country, stu-dents' learning experience requires limits on the number of students in a class. This creates an interesting allocation problem for school administrations: students need a seat in several classes, and classes have(More)
We use a simple graphical approach to represent Social Welfare Functions that satisfy Independence of Irrelevant Alternatives and Anonymity. This approach allows us to provide simple and illustrative proofs of May's Theorem, of variants of classic impossibility results, and of a recent result on the robustness of Majority Rule due to Maskin (1995). In each(More)