Bergemann, Dirk; Horner, Johannes - Cowles Foundation for Research in Economics, Yale University - 2010
independent values across bidders. The values are assumed to be perfectly persistent over time. We analyze the first-price auction … disclosure regime, in which each bidder only learns privately whether he won or lost the auction at the end of each round. In … equilibrium, the winner of the initial auction lowers his bids over time, while losers keep their bids constant, in anticipation …