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Ilia Tsetlin
Professor of Decision Sciences
Journal Article
Mezzetti C., Tsetlin I. (2009). Auctions in which Losers Set the Price Games and Economic Behavior, 66(2), pp. 855-864.
The authors study auctions of a single asset among symmetric bidders with affiliated values. The authors show that the second-price auction minimizes revenue among all efficient auction mechanisms in which only the winner pays, and the price only depends on the losers’ bids.