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Inefficient ex-post equilibria in efficient auctions

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Abstract

I consider a single-object English auction with two asymmetric bidders and show that it has a continuum of inefficient undominated ex-post equilibria. The result extends for the generalized VCG mechanism, Dasgupta-Maskin auction and, generally, for every auction that has an efficient ex-post equilibrium. Copyright Springer-Verlag Berlin Heidelberg 2003

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