- namely, equilibrium existence in first-price auctions and the revenue dominance of second-price auctions - do not generalize … ; conditional independence ; de Finetti's theorem ; minimally informative random variable ; auctions ; pure strategy equilibrium … large number of applications, especially in auction theory, affiliation has limitations that are important to be aware of …

We consider the set-up of a Japanese-English auction with exogenously fixed discrete bid levels for the wallet game … with two bidders. We prove that bidding twice the signal - the equilibrium strategy with continuous bid levels - is never … an equilibrium in this set up. We show that partition equilibria exist that may be separating or pooling. We illustrate …

In this paper we consider equilibrium behavior in a Dutch (descending price) auction where the bidders are uninformed … auction. We assume that the information acquisition activity is covert. We characterize the equilibrium behavior in a setting …, the Dutch auction produces more revenue than would a first price auction …