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their money where their mouth is. In principle, by using a reserve price in

conjunction with stated CSOs, the resolution of the debate lies in the attempt

and not in uninformed discussion.

Joshua S. Gans is an associate professor in economics at Melbourne

Business School and academic associate of London Economics. He is alsothe co-organiser of this week's Industry Economics Conference at the

University of Melbourne.

This article appeared in theAustralian Financial Review on Monday 14th

July, 1997, p.17.

http://www.afr.com.au/http://www.afr.com.au/