Why Do Sellers (Usually) Prefer Auctions?
比较了拍卖和顺序谈判两种资产出售方式，发现顺序谈判更有效率，但拍卖因鼓励更多买家参与而通常带来更高收入，并讨论了锁定协议、匹配权等机制的影响。
We compare the most common methods for selling a company or other asset when participation is costly: a simple simultaneous auction, and a sequential process in which potential buyers decide in turn whether to enter the bidding. The sequential process is always more efficient. But preemptive bids transfer surplus from the seller to buyers. Because the auction is more conducive to entry—precisely because of its inefficiency—it usually generates higher expected revenue. We also discuss the effects of lock-ups, matching rights, break-up fees (as in takeover battles), entry subsidies, etc.