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We build a model of a first\u2010price auction under unobserved auction heterogeneity\u2014imperfectly observed by the seller\u2014that captures this rationale and derive conditions for identification. An application to French timber auctions, where such revisions are widely used, shows that having perfect information about unobserved auction heterogeneity would increase surplus by 5.22%. Combining a secret reserve price with learning from submitted bids reduces this surplus gap by up to 84%.<\/jats:p>","DOI":"10.3982\/qe1781","type":"journal-article","created":{"date-parts":[[2022,7,7]],"date-time":"2022-07-07T09:56:45Z","timestamp":1657187805000},"page":"1203-1256","source":"Crossref","is-referenced-by-count":10,"title":["Secret reserve prices by uninformed sellers"],"prefix":"10.3982","volume":"13","author":[{"given":"Pasha","family":"Andreyanov","sequence":"first","affiliation":[{"name":"Faculty of Economic Sciences, HSE"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"El Hadi","family":"Caoui","sequence":"additional","affiliation":[{"name":"Department of Management, University of Toronto"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"2359","published-online":{"date-parts":[[2022]]},"reference":[{"key":"quan200217-bib-0001","doi-asserted-by":"crossref","unstructured":"Andreyanov, Pasha, El Hadi Caoui (2022), \u201cSupplement to \u2018Secret reserve prices by uninformed sellers\u2019.\u201d Quantitative Economics Supplemental Material, 13, https:\/\/doi.org\/10.3982\/QE1781.","DOI":"10.3982\/QE1781"},{"key":"quan200217-bib-0002","first-page":"645","volume-title":"European Economic Review","volume":"53","author":"Arozamena","year":"2009"},{"issue":"3","key":"quan200217-bib-0003","doi-asserted-by":"crossref","first-page":"23","DOI":"10.1257\/jep.3.3.23","volume":"3","author":"Ashenfelter","year":"1989","journal-title":"The Journal of Economic Perspectives"},{"issue":"3","key":"quan200217-bib-0004","doi-asserted-by":"crossref","first-page":"724","DOI":"10.1257\/aer.100.3.724","volume":"100","author":"Asker","year":"2010","journal-title":"American Economic Review"},{"issue":"2","key":"quan200217-bib-0005","doi-asserted-by":"crossref","first-page":"375","DOI":"10.1086\/319558","volume":"109","author":"Athey","year":"2001","journal-title":"Journal of Political Economy"},{"issue":"1","key":"quan200217-bib-0006","doi-asserted-by":"crossref","first-page":"207","DOI":"10.1093\/qje\/qjq001","volume":"126","author":"Athey","year":"2011","journal-title":"The Quarterly Journal of Economics"},{"issue":"2","key":"quan200217-bib-0007","doi-asserted-by":"crossref","first-page":"329","DOI":"10.2307\/1593721","volume":"34","author":"Bajari","year":"2003","journal-title":"The RAND Journal of Economics"},{"issue":"4","key":"quan200217-bib-0008","doi-asserted-by":"crossref","first-page":"1288","DOI":"10.1257\/aer.104.4.1288","volume":"104","author":"Bajari","year":"2014","journal-title":"American Economic Review"},{"key":"quan200217-bib-0009","unstructured":"Balat, Jorge, Philip Haile, Han Hong, and Matthew Shum (2016), \u201cNonparametric tests for common values in first-price sealed-bid auctions.\u201d https:\/\/www.nber.org\/papers\/w10105."},{"issue":"4","key":"quan200217-bib-0010","doi-asserted-by":"crossref","first-page":"657","DOI":"10.1086\/262089","volume":"105","author":"Baldwin","year":"1997","journal-title":"Journal of Political Economy"},{"key":"quan200217-bib-0011","unstructured":"Bolotnyy, Valentin and Shoshana Vasserman (2021), \u201cScaling auctions as insurance: A case study in infrastructure procurement.\u201d"},{"issue":"2","key":"quan200217-bib-0012","doi-asserted-by":"crossref","first-page":"283","DOI":"10.1162\/003465300558795","volume":"82","author":"Brannman","year":"2000","journal-title":"Review of Economics and Statistics"},{"issue":"1","key":"quan200217-bib-0013","doi-asserted-by":"crossref","first-page":"1","DOI":"10.2202\/1534-598X.1260","volume":"6","author":"Brisset","year":"2006","journal-title":"Topics in Theoretical Economics"},{"issue":"1","key":"quan200217-bib-0014","first-page":"180","volume":"86","author":"Bulow","year":"1996","journal-title":"American Economic Review"},{"issue":"2","key":"quan200217-bib-0015","first-page":"303","volume":"205","author":"Campo","year":"2011","journal-title":"The Review of Economic Studies"},{"issue":"2","key":"quan200217-bib-0016","doi-asserted-by":"crossref","first-page":"179","DOI":"10.1002\/jae.697","volume":"18","author":"Campo","year":"2003","journal-title":"Journal of Applied Econometrics"},{"key":"quan200217-bib-0017","first-page":"1","volume":"1","author":"Chiang","year":"2014","journal-title":"SSRN Electronic Journal"},{"issue":"4","key":"quan200217-bib-0018","doi-asserted-by":"crossref","first-page":"593","DOI":"10.1287\/mksc.2021.1283","volume":"40","author":"Coey","year":"2021","journal-title":"Marketing Science"},{"key":"quan200217-bib-0019","doi-asserted-by":"crossref","unstructured":"Compiani, Giovanni, Philip A. 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