All equilibria of the Vickrey auction

This paper characterizes the set of Nash equilibria in the second-price sealed-bid auction with independent private values and three or more bidders. In addition, we show that any effective reserve price implies uniqueness. ∗We are grateful to Georgios Katsenos, Joel Sobel, an anonymous referee, and the associate editor for comments. Blume thanks the WZB, where this paper was written, for its hospitality and the NSF (SBR-9808947) for financial support. Heidhues thanks the German Science Foundation (DFG, Ro2080/1-2) for financial support.