Numerical simulations of asymmetric first-price auctions

► Show backward-shooting method is inherently unstable, especially for large auctions. ► Present new method for computing equilibrium bids of asymmetric first-price auctions. ► Study numerically auctions with large number of players. ► Consider various distributions, including distributions with more than one crossing. ► Find the rate at which first- and second-price auctions become revenue equivalent.