First-price equilibrium and revenue equivalence in a sequential procurement auction model
分析了产能受限企业在两次序列采购拍卖中的第一价格均衡投标行为，发现由于产能占用产生的机会成本，均衡投标偏离标准模型，但收益等价性仍然成立。
We analyze first-price equilibrium bidding behavior of capacity-constrained firms in a sequence of two procurement auctions. In the model, firms with a cost advantage in completing the project auctioned off at the end of the sequence may enter the unfavored first auction hoping to lose it. Equilibrium bidding in both auctions deviates from the standard Symmetric Independent Private Value auction model due to opportunity costs of bidding created by possibly employed capacity. For this sequential auction model with non-identical objects, we show that revenue equivalence applies.