Auctions with Resale:

Auctions have become a common way to sell items. EBay auctions now total over $US30 billion a year in annual sales. The recent high-profile Google IPO was conducted by auction. The auctions for spectrum licenses conducted by the FCC have earned over $US32 billion for the U.S. Treasury. Because of the prominent role auctions now play in everyday life there is increased interest in understanding them. In particular, people are interested in understanding aspects of real auctions that might overturn conventional wisdom regarding revenue and efficiency properties of auction mechanisms. One real-world aspect that has recently received much attention is resale. While there is an extensive literature on auctions as one-shot games, the impact of resale opportunities for auction winners has only been actively addressed in the last decade. This conference will showcase theoretical and experimental research on this exciting and important topic.