Sealed-bid second-price intermediary auctions fully unravel into sealed first-price principal auctions while open formats unravel only partially, limiting intermediary design space when a credible first-price channel exists.
arXiv preprint arXiv:2509.24849 , year=
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Competing Auctions in Intermediated Markets
Sealed-bid second-price intermediary auctions fully unravel into sealed first-price principal auctions while open formats unravel only partially, limiting intermediary design space when a credible first-price channel exists.