This paper considers the problem of equilibrium selection in a common-value second-price auction with two bidders. We show that for each ex post equilibrium in continuous and undominated strategies of the common-value auction, a sequence of "almost common-value" auctions can be constructed such...

In many markets, sellers advertise their good with an asking price. This is a price at which the seller will take his good off the market and trade immediately, though it is understood that a buyer can submit an offer below the asking price and that this offer may be accepted if the seller...