Auctions with synergies and asymmetric buyers

In this paper we consider sequential auctions with synergies where one player wants two objects and the remaining players want one object each. We show that expected prices may not necessarily decrease as predicted by Branco [Econ. Lett. 54 (1997) 159]. Indeed we show that expected prices can actually increase. (C) 2004 Elsevier B.V All rights reserved.