A first-price sealed-bid auction of an item for which bidders are risk-neutral and have privately known values is shown to have an equilibrium in mixed behavioral strategies if the joint distribution of bidders' values has a continuous density on a cubical support. Such an equilibrium has...

This chapter describes several forms of auctions, presents the formulations used in the main models, reviews some of the general results and empirical findings, and indicates a few applications. Auctions have been used for millennia, and remain the simplest and most familiar means of price...