Consider an auction with 1,000 risk-neutral bidders. It is known that these bidders have affiliated values. Based on this information, we know the expected revenues for the different auction types will be:

Multiple Choice

• English = Second-price, sealed-bid = First-price, sealed-bid = Dutch.
• First-price, sealed-bid > Second-price, sealed-bid > English > Dutch.
• First-price, sealed-bid = Dutch > English > Second-price, sealed-bid.
• English > Second-price, sealed-bid > First-price, sealed-bid = Dutch.