Maskin and Riley (Games Econ Behav 45:395–409, 2003) and Lebrun (Games Econ
Behav 55:131–151, 2006) prove that the Bayes–Nash equilibrium of first-price
auctions is unique. This uniqueness requires the assumption that a buyer never
bids above his value (which amounts to the elimination of weakly dominated
strategies). We demonstrate that, in asymmetric first-price auctions (with or
without a minim... hiện toàn bộ