Extraction of the surplus in standard auctions

Massimiliano Amarante
Crémer and McLean [1] and McAfee and Reny [3] showed that, in "nearly all auctions", the seller can offer a mechanism that obtains full rent extraction. The mechanism designed by Crémer and McLean differs from standard procedures in several respects. Notably, (a) bidders are required to buy "lotteries" in order to participate at the auction; (b) bidders are treated non-anonymously, in the sense that different bidders are given different strategic options; (c) the bidders' payments...
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