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If bidders are uncertain whether the auctioneer sticks to the announced reserve, some bidders respond by not bidding, speculating that the auctioneer may revoke the reserve. However, the reserve inadvertently signals the auctioneer's type, which drives a unique separating and a multitude of...
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We study the relative performance of the first‐price sealed‐bid auction and the second-price sealed‐bid auction in a … reveals the winner’s payment to an outside observer. We find that the first‐price sealed‐bid auction in which the winner …
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heterogeneity in the dispersion of private value components. I use the asymmetric ascending auction model of Hong and Shum (2003) to …
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ensuing auction, leading to loss of efficiency and eliminating the revenue dominance typically observed in firstprice auctions. …
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