The study shows that when bidders in auctions can talk before bidding, they tend to work together to get better deals. This can lead to lower prices for the items being auctioned off, which means less money for the sellers. The researchers found that this kind of collaboration is more common in auctions where everyone pays the same price for the items, compared to auctions where each bidder pays their own price. This suggests that auctions for government securities might not bring in as much money if they use the same pricing method as the study.