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Buyers can bid in both auctions and can switch between them as frequently as they like. It is shown that the first-arriving seller chooses a reserve price just low enough to safeguard against being undercut by the second seller, and in the equilibrium the first-arriving seller makes more profit than the second-arriving seller. Both reserve prices are set above the marginal costs of the sellers resulting in inefficiency. The authors' results apply to both centralized seller-offer dual auctions and a decentralized sales procedure in which sellers set reserve prices sequentially.  The main result is contained in the following statement: In a simultaneous pricing game between two sellers in a seller-offer double auction where buyers bid sincerely: (i) no pure strategy Nash equilibrium exists; (ii) a mixed strategy Nash equilibrium does exist; (iii) in every mixed strategy Nash equilibrium, each seller's support has supremum equal to \\(r_2^{\\ast}\\), neither places any probability mass on \\(r_2^{\\ast}\\), and each seller earns an expected payoff of \\(\\pi_2(r_2^{\\ast})\\). Section 5 provides a numerical example with three buyers whose values are distributed 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