The study looked at how eBay auctions work and found that when new buyers join auctions already in progress, it can lead to inefficient outcomes. This is because existing buyers may have revealed their valuation earlier, giving them an advantage over new buyers. As a result, buyers with lower valuations may end up winning auctions, while those with higher valuations may not bid as much. However, selling multiple items in one simultaneous auction is more efficient than selling them one by one. This means that selling all items together in a single auction results in better profits compared to selling them sequentially.