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New auction theorem reveals when bidders win big or lose out

European Economic Review
The tripartite auction folk theorem
David K. Levine, Andrea Mattozzi, Salvatore Modica

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The researchers looked at different types of auctions and found that in some cases, the bidders end up with the same amount of money no matter which type of auction is used. This doesn't happen in all auctions, especially in ones where the stakes are very high or very low.