A New Form of Auction——The Theory and Applications of Auction by Stages

Prevenient studies in auction procedure are staying on one-stage auction.This paper attempt to prove whether auction by stages can bring higher return using Symmetric independent private value model and finally approved this result.Much of the return increase is that seller hold more bidders information thereby he can make feasible reserve price.Stages auction can be applied to all areas sealed-bid first price auction can be applied.