acknowledges the National Science Foundation for support through Grant SES-0094800, and apologizes for the confusion caused by changing his name from “Lucking-Reiley.” We thank Editor Ben Bernanke for the opportunity to reply to Levin’s comment and Martin Dufwenberg, Sabine Kröger, and Dan Levin for helpful comments. 1 There are several important theory articles on the topic of uniform-price auctions, dating from Vickrey’s classic 1961 paper. Levin’s comment refers to the theoretical propositions on demand reduction in an unpublished paper by Lawence Ausubel and Peter Cramton (2002); List and Lucking-Reiley test propositions from this article as well as from the published article by Engelbrecht-Wiggans and Kahn (1998). Other related theoretical articles include thos
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