Levin, Dan; Kagel, John H; Richard, Jean-Francois - In: American Economic Review 86 (1996) 3, pp. 442-60
An experiment analyzing behavior in English common value auctions is reported. English auctions raise more revenue than first-price auctions only when bidders do not suffer from a strong winner's curse. Agents employ other bidders' dropout prices along with their private information as Nash...