Haile, Philip A.; Bikhchandani, Sushil; Riley, John G. - 2000
We characterize the set of perfect Bayesian equilibria in symmetric separating strategies in Milgrom and Weber's (1982) model of English auctions. There is a continuum of such equilibria. The equilibrium derived by Milgrom and Weber is that in which bids are maximal. Only in the case of pure...