Sequential auctions of heterogeneous objects

We consider sequential second-price auctions in which heterogeneous objects are sold to bidders with unit demand and a single dimensional type. We show that a symmetric increasing equilibrium exists if objects are ordered in terms of dispersiveness of value distributions. Equilibrium price declines when objects are equivalent on average and additional conditions hold. •Sequential auction of heterogeneous objects with unit demand bidders.•A symmetric increasing equilibrium exists if a more dispersive object is sold first.•Declining price anomaly can be explained by the dispersive order of sales.