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first-price auction which do not have any minimum price. We find that winning prices of this new institution (i) coincide … with the ones of the standard first-price auction and are close to the production cost under our identical cost condition …, and (ii) are higher than the ones of the standard first-price auction and diverge from the lowest production cost under …
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tends to be limited. Competition is the single most important factor toward auction efficiency and anti-corruption. However …
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