Karni, Edi; Safra, Zvi - In: Review of Economic Studies 56 (1989) 3, pp. 421-33
Analyzing the optimal bidding behavior in ascending-bid auctions and second-price, sealed-bid auctions with independent private values, the authors show that expected utility maximizing behavior is equivalent to (1) dynamically consistent bidding in ascending-bid auctions; (2) the equivalence of...