This paper considers sequential auctions where an individual's value for a bundle of objects is either greater than the sum of the values for the objects separately (positive synergy) or less than the sum (negative synergy). The authors show that the existence of positive synergies implies...

We study sequential auctions of stochastically identical objects and endogenous participation.

We make three contributions to the theory of contracting under asymmetric information. First, we establish a competitive revelation principle for contracting games in which several principals compete for one privately informed agent. In particular, we show that given any profile of incentive...