Rothkopf, Michael H; Teisberg, Thomas J; Kahn, Edward P - In: Journal of Political Economy 98 (1990) 1, pp. 94-109
In 1961, William Vickrey showed that, in an independent private-values context with symmetric risk-neutral bidders, sealed second-price auctions have dominant truth-revealing equilibrium strategies; are perfectly efficient economically; and produce the same expected revenue for bid takers as...