We investigate efficiency properties of sealed-bid second-price auctions with costly participation and resale. Each … resale is not allowed and the bidder valuations are drawn from a strictly convex distribution function, the symmetric … of these equilibria without resale is sufficient for existence of similarly constructed two-cutoff equilibria with resale …

ineffcient allocation. We show that a resale opportunity, where the auction winner can make a take-it-or-leave-it offer to the …). Resale always reduces all bidders' payoffs and increases the initial seller's revenue. …

In standard auctions with symmetric, independent private value bidders resale creates a role for a speculator - a …

inter-bidder resale is possible. Zheng's construction requires novel conditions on the bidders' value distribution profile … that the final allocation is obtained after a single resale transaction, regardless of the number of bidders. …

The English auction is susceptible to tacit collusion when post-auction inter-bidder resale is allowed. We show this by …

-bidder resale is possible. Zheng's construction requires novel conditions '€" Resale Monotonicity, Transitivity, and Invariance … show that Invariance implies Resale Monotonicity and Transitivity. …

In standard auctions with symmetric, independent private value bidders resale creates a role for a speculator …