The advantages of the estimated value net assets are substantiated, factors affecting their and possible options for increasing identified

We establish the bid-equivalence between an independent private-value (IPV) …rst-price auction model with resale and a model of …rst-price common-value auctions. The common value is de…ned by the transaction price when trade takes place. When there is no trade, the common value is de…ned through a monotonic extension of the resale price function. We show bid equivalence when (1) there are two b...