As from January 2010 The Israeli Journal of Aquaculture-Bamidgeh (IJA) will be published exclusively as an on-line Open Access (OA) quarterly accessible by all AquacultureHub (http://www.aquaculturehub.org) members and registered individuals and institutions. Please visit our website (http://siamb.org.il) for free registration form, further information and instructions. This transformation from a subscription printed version to an on-line OA journal, aims at supporting the concept that scientific peer-reviewed publications should be made available to all, including those with limited resources. The OA IJA does not enforce author or subscription fees and will endeavor to obtain alternative sources of income to support this policy for as long as possible.

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This paper investigates the effects of resale on bidders' entry decisions, social welfare, and seller's expected revenue in a second‐price auction with two‐dimensional private information on values and participation costs. We establish the existence of symmetric entry equilibrium and identify sufficient conditions under which the equilibrium is unique. We show that when resale is allowed, the low‐cost bidders become more aggressive on entry, while the high‐cost bidders are less likely to enter. Furthermore, our analysis also suggests resale allowance can increase the social welfare under a sufficient condition, which depends on the magnitude of bargaining power, and its effect on expected revenue is ambiguous.

This study investigates the effects of resale allowance on entry strategies, seller’s expected revenue, and social welfare in a second-price auction with two-dimensional private information on values and participation costs. We characterize the perfect Bayesian equilibrium in cutoff strategies and identify sufficient conditions under which the equilibrium is unique. Our analysis suggests that resale allowance leads the low-value bidder to become more aggressive on entry, while high-value bidder has a lower incentive to enter. Furthermore, the allowance of resale can increase the social welfare under a sufficient condition, and its effect on expected revenue is ambiguous.

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