Price Formation under Small Numbers Competition: Evidence from Land Auctions in Singapore

This paper examines the price formation process under small numbers competition using data from Singapore land auctions. The theory predicts that bid prices are less than the zero-profit asset value in these first-price sealed-bid auctions. The model also shows that expected sales price increases with the number of bidders both because each bidder has an incentive to offer a higher price and because of a greater likelihood that a high-value bidder is present. The empirical estimates are consistent with auction theory and show that the standard land attributes are reflected in auction prices as expected. Working Paper No. 04-0

Vortex Matter Transition in Bi2{}_2Sr2{}_2CaCu2{}_2O8+y{}_{8+y} under Tilted Fields

Vortex phase diagram under tilted fields from the $c$ axis in Bi${}_2$Sr${}_2$CaCu${}_2$O${}_{8+y}$ is studied by local magnetization hysteresis measurements using Hall probes. When the field is applied at large angles from the $c$ axis, an anomaly ($H_p^\ast$) other than the well-known peak effect ($H_p$) are found at fields below $H_p$. The angular dependence of the field $H_p^\ast$ is nonmonotonic and clearly different from that of $H_p$ and depends on the oxygen content of the crystal. The results suggest existence of a vortex matter transition under tilted fields. Possible mechanisms of the transition are discussed.Comment: Revtex, 4 pages, some corrections are adde