Second best efficiency and the English auction Articles uri icon

publication date

  • November 2011

start page

  • 496

end page

  • 506


  • 2


  • 73

International Standard Serial Number (ISSN)

  • 0899-8256

Electronic International Standard Serial Number (EISSN)

  • 1090-2473


  • We study the second best in a single unit sale to two bidders. This is the allocation that maximizes the expected social surplus subject to the biddersʼ incentive compatible constraints when the first best is not implementable. We prove that Maskinʼs (1992) result that any first best allocation that is deterministic and monotone can be implemented with the English auction carries over to the second best