Abstract: In a sequential English auction,a seller with two objects faces a group of bidders who are subject to different budget constraints.With the objects that may be either complement or substitutes or unrelated in a simple complete information setting,we consider the bidders’ equilibrium bidding strategies in different cases.We find it’s a weakly dominant strategy to sell the more valuable object first.

Key words: multiple-object auction, budget constraints, sequential English auction, equilibrium bidding strategy