Auctions with Limited Commitment
研究了卖家无法承诺未来保留价时，在标准拍卖环境中的最优策略。发现至少三个买家时立即高效拍卖最优，否则需连续降低保留价。
We study the role of limited commitment in a standard auction environment. In each period, the seller can commit to an auction with a reserve price but not to future reserve prices. We characterize the set of equilibrium profits attainable for the seller as the period length vanishes. An immediate sale by efficient auction is optimal when there are at least three buyers. For many natural distributions two buyers is enough. Otherwise, we give conditions under which the maximal profit is attained through continuously declining reserve prices.