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Landsberger et al. (2001) identi...ed optimal bidder behavior in ...rst-price private-value auctions when the ranking of valuations is common knowledge, and derived comparative-statics predictions regarding the auctioneer's expected revenue and the e¢ ciency of the allocation. The experiment reported here tests the behavioral components of these comparative-statics predictions. The results support the prediction that buyers are inclined to bid more aggressively when they learn they have the lowdoi:10.1016/j.jebo.2008.09.006 fatcat:h42233qp4rhohcpwr24appp25y