Uninformed Bidding in Sequential Auctions

We consider a private value auction with one-sided incomplete information in which two objects are sold sequence of second-price auctions. Buyers have multi-unit demands and both asymmetrically informed at the ex-ante stage game. One buyer perfectly knows his type other is uninformed about own type. con-sider interim acquisition for derive an asymmetric equilibrium shown to produce declining price across sales. The supermartingale property stems from buyer’s incen-tives gather leads aggressive bidding first-stage auction.