which the monopoly outcome with equal sharing is sustainable in the uniform price auction, but not in the corresponding … discriminatory auction. Moreover, capacity withholding may be necessary to sustain this out-come. We extend these results to the case …

of asymmetric demand-information between sellers on the performance of the two auction institutions. In our baseline … different under the two auction institutions. However, when there is asymmetric information among sellers the discriminatory … auction is significantly less efficient. These results are not in line with the typical arguments made in favor of …