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Initial attempts to formally analyze the PRA format are Gallice (2010) and Di Gaetano (2011). However, both papers relied on a number of simplifying assumptions that made the models considerably different with respect to the actual mechanism. In particular, Gallice (2010) assumed that the initial price was commonly known and only buyers with a valuation below that level could participate. Di Gaetano (2011) assumed instead that the starting price is a random variable that is not strategically chosen by the seller and that every buyer could observe the price only once.