would like to thank Ayman Hindy, Chi-fu Huang, Rustem Shaikhutdinov and Jeremy Bulow for comments and

This paper developed out of work done independently by the authors, most importantly a paper by Avery titled "Preferences and Signaling in a Matching Market. " We thank Jeremy Bulow for suggesting a collaboration and providing detailed suggestions. Levin thanks the Toulouse Network

Jeremy Bulow has turned my attention to the issues discussed here. I gratefully acknowledge his helpful comments and suggestions, as well as those of Paul Klemperer, Roy Radner, Ennio Stacchetti, Chuck Wilson, With private and affiliated buyers ’ values, the English auction maximizes the seller’s

Salinger (for excellent formal conference discussions), Mark Armstrong, David Atkin and Dave Donaldson (for suggesting new results), Jesse Shapiro (for suggesting ways of reframing the paper) and above all Jeremy Bulow (for more things than can be listed here). Weyl is grateful

, the more captive production and consumption (not traded intheintermediatemarket)affects price-cost margins. The analysis is applied to spot electricity markets and to the merger of the gasoline refining and retail assets of Exxon andMobilinwesternUnitedStates. Acknowledgement: We thank Jeremy Bulow

other qualitative comparisons of B&L (2006) hold. With non-linear and symmetric costs workers ’ average utility in the pricing equilibrium may be higher than in the firm-optimal competitive equilibrium. With asymmetric and non-linear costs, firms need not choose scores from an interval Jeremy Bulow

to the outstanding stock of non-Agency MBS/ABS, dealer banks with a larger exposure to private debt securities were affected more strongly and resorted to the Fed’s emergency lending programs for funding. We thank Peter Crane for providing data, and we are grateful for comments from Jeremy Bulow,

here are those of the author alone, and do not reflect those of the Federal Trade Commission, nor any Commissioner. I would like to thank Cindy Alexander, Jeremy Bulow, Dan

improving the effectiveness of others. I thank Jeremy Bulow, Ezra Friedman, Jae Nahm and seminar participants at the Federal Trade Commission and Georgetown University for helpful comments. The views expressed in this paper are those of the author and do not necessarily represent the views of the Federal

with sufficiently informative news, Spence’s Job Market Signaling and Akerlof’s Market for Lemons have the same unique equilibrium. The predictions help explain “irrational ” trading patterns in financial markets. The authors are greatly indebted to Jeremy Bulow, Michael Harrison and Andrzej Skrzypacz for useful