the converse is not generally true. Moreover, first- and second-price auctions are not always revenue equivalent. Indeed … diseconomies. -- auctions ; procurements ; sequential auctions ; economies of scale …

game is solved by solving an equivalent auxiliary social choice problem. We show that standard auctions are fully efficient …, whereas reserve price requirements entail a double inefficiency. Moreover, we explain how optimal auctions differ from the … well-known static optimum, and sketch the impact of information spillovers. -- auctions ; procurement …