Surplus Extraction and Competition
研究卖家竞争时，买家估值相关且私有信息下的机制选择。与垄断不同，竞争下卖家采用保留价等于成本的第二价格拍卖，且不收取入场费，即使可行也不这样做。
A competitive economy is studied in which sellers offer alternative direct mechanisms to buyers who have correlated private information about their valuations. In contrast to the monopoly case where sellers charge entry fees and extract all buyers' surplus, it is shown that in the unique symmetric equilibrium with competition, sellers hold second price auctions with reserve prices set equal to their cost. Most important, it is a best reply for sellers not to charge entry fees of the kind normally used to extract surplus, even though it is feasible for them to do so.