Bailouts and the Preservation of Competition
---- Acknowledgements -----
This paper previously circulated as "Entry and Selection in Auctions". We are extremely grateful to Susan Athey, Jonathan Levin and Enrique Seira for sharing the data with us and to Coleman Doggett and Doug MacDonald for their insight on the timber industry. We appreciate useful feedback from John Asker, Phil Haile, Jakub Kastl, Brian McManus, Rob Porter, Katja Seim and numerous seminar participants as well as attendants of the 2010 NBER Summer IO program. Excellent research assistance was provided by Christoph Bauner, Yair Taylor and Huihui Wang. Both authors gratefully acknowledge financial support from Duke University. Any errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.