We construct a model of participation and bidding at multi-unit, sequential, clock auctions when bidders have multi-unit demand. We describe conditions sufficient to characterize a symmetric, perfect-Bayesian equilibrium and then demonstrate that this equilibrium induces an efficient allocation....

Within the independent private-values paradigm, we derive the equilibrium implications of purposeful bidding behaviour at single-unit, first-price, sealed-bid auctions when discrete increments are imposed on bidding. While equilibrium purposeful behaviour with discrete bid increments is...