The article explores different auction types where the price is set by the losing bidders. It shows that the second-price auction generates the least revenue among efficient auctions where only the winner pays. The k-th price auction earns more revenue than the second-price auction for all k greater than 2. When rationing is allowed, the (t + 1)-st price auction makes the least revenue among auctions where only winners pay. The researchers also calculate bidding strategies and revenue for the k-th price auction in a common experimental scenario.