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Difference between the first- and second-highest bids

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Consider a sealed-bid auction in which the highest-bidder wins and pays the amount that they bid and the lowest bidder receives a payment equal to the difference between the first- and second-highest bids. Does this auction pay the seller the same revenue as the four standard auctions? (That is, does the revenue equivalence theorem apply here?) Why or why not? Be specific

Reference no: EM133080896

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