We study a model where bidders have perfectly correlated valuations for two goods sold
sequentially in two ascending-price auctions. The seller sets a reserve price before the
beginning of each auction. Despite the lack of commitment by the seller, we characterize an
equilibrium and study its properties. Strategic non-disclosure of information takes the form of
non-participation in the early auction by low-valuation bidders, while high-valuation bidders
bid up to their true valuations. Some buyers who would profitably buy at the reserve price …