Webning a second price auction at each stage extracts a 1 3-approximation of the optimal revenue. These bounds hold even against ex-ante IR dynamic auctions. In other words, running a second price auction at each stage, which requires no distributional knowledge whatsoever, is a 1 3 approximation to the impossible benchmark of an Webbeing a second-price or English auction for the asset. Other than the connection with sequential screening and dynamic auctions mentioned above, our paper is related to the literature on information acquisition in auctions (see, for example, Persico, 2000; Compte and Jehiel, 2001; and Rezende, 2013).
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