First-price auctions with resale and with outcomes robust to bid disclosure
研究了一级价格拍卖中投标披露对均衡的影响，发现存在一种行为均衡使得披露与否不影响最终分配和预期收益。
Although there exists a pure separating equilibrium of the two-bidder first-price auction with resale when the bids are kept secret, the ratchet effect prevents the existence of such an equilibrium if the bidders are heterogeneous and the bids are fully disclosed. Nevertheless, we construct a behavioral equilibrium under full disclosure that is equivalent to the pure separating equilibrium under no disclosure. Thus, if the bidders follow this equilibrium, the choice of the disclosure regime does not affect the final allocation of the item nor the expected payoffs.