Article

Political Business Cycles in Local Employment

NIPE - Universidade do Minho, NIPE Working Papers 01/2005; DOI: 10.2139/ssrn.775365
Source: RePEc

ABSTRACT I modify the uniform-price auction rules in allowing the seller to ration bidders. This allows me to provide a strategic foundation for underpricing when the seller has an interest in ownership dispersion. Moreover, many of the so-called "collusive-seeming" equilibria disappear.

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