Auctions with Frictions: Recruitment, Entry, and Limited Commitment
构建了一个包含卖方招募成本、买方参与成本和卖方有限承诺等摩擦的拍卖模型，发现市场结果常无效率、有时会瓦解，且竞争的可观测性影响显著。
Abstract Auction models are convenient abstractions of informal price-formation processes that arise in markets for assets or services. These processes involve frictions like bidder recruitment costs for sellers, participation costs for bidders, and limitations on sellers’ commitment abilities. This paper develops an auction model that captures such frictions. We derive novel insights, notably that outcomes are often inefficient, that markets sometimes unravel, and that the observability of competition may have a large effect.