Efficiency in auctions with crossholdings∗
نویسنده
چکیده
We study the impact of crossholdings on the efficiency of the standard auction formats. If both bidders with crossholdings and bidders without crossholdings participate in the auction process, neither the first-price auction nor the second-price auction is efficient. The ascending auction is not equivalent to the second-price auction. In a class of examples, the ascending auction is efficient. JEL classification: D44.
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