A first-price sealed-bid auction of an item for which bidders are risk-neutral and have privately known values is shown to have an equilibrium in mixed behavioral strategies if the joint distribution of bidders' values has a continuous density on a cubical support. Such an equilibrium has atomless distributions of bids and is not affected by the rule for resolving tied bids.
- private values,
- equilibrium strategies,
Available at: http://works.bepress.com/wilson_robert/17/