Signaling equilibria in a multi-unit English clock auction 1 Byoung Jun Department of Economics Korea University Sungbuk-Ku Anam-Dong Seoul 136-701 Korea bhjun@korea.ac.kr Elmar Wolfstetter Department of Economics Humboldt University at Berlin Spandauer Str. 1 10099 Berlin Germany wolfstetter@wiwi.hu–berlin.de September 2004 1 Financial support by the Deutsche Forschungsgemeinschaft, SFB Transregio 15, “Governance and Efficiency of Economic Systems” and the Korea University Grant is gratefully acknowledged.