Auctions vs. Negotiations

Which is the more profitable way to sell a company: a public auction or an optimally structured negotiation with a smaller number of bidders? We show that under standard assumptions the public auction is always preferable, even if it forfeits all the seller's negotiating power, including the ab...

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Bibliographische Detailangaben

Veröffentlicht in:	NBER Working Paper Series 1994-01, p.4608
Hauptverfasser:	Klemperer, Paul D, Bulow, Jeremy I
Format:	Artikel
Sprache:	eng
Schlagworte:	Auctions Bids Corporate Finance Economic theory Negotiations Purchasing Sales Tender offers
Online-Zugang:	Volltext
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