The purpose of this paper is to analyse the impact of supply uncertainty on the formation of prices and on the seller's expected revenue in sequential first- and second-price sealed bid auctions.

We define a generalized state-space model with interactive unawareness and probabilistic beliefs. Such models are desirable for many potential applications of asymmetric unawareness. We develop Bayesian games with unawareness, define equilibrium, and prove existence. We show how equilibria are...