First Price Auction is 1-1/e2 Efficient

We prove that the PoA of First Price Auctions is 1 - 1/e(2) approximate to 0.8647, closing the gap between the best known bounds [0.7430, 0.8689].

Automated summary

This study proves that the Price of Anarchy (PoA) of First Price Auctions is approximately 1 - 1/e(2), which is approximately 0.8647, closing the gap between the previously known bounds [0.7430, 0.8689].