Hafalir, Isa; Krishna, Vijay - In: The American economic review 98 (2008) 1, pp. 87-112
We study equilibria of first- and second-price auctions with resale in a model with independent private values. With asymmetric bidders, the resulting inefficiencies create a motive for post-auction trade. In our basic model, resale takes place via monopoly pricing - the winner of the auction...
