This paper studies sequential auctions of licences to participate in a symmetric market game. Assuming that the rate at which industry profits decrease with repeated entry is not too large, at the unique solution either a single firm preempts entry altogether or entry occurs in every stage,...

I study monotonicity and uniqueness of the equilibrium strategies in a two-person first price auction with affiliated signals. Existing results establish uniqueness within the class of non-decreasing bidding strategies. I show that there is an effectively unique Nash equilibrium within the class...