Before revision:  This is the source of multiple inefficiencies: To engage in costly signaling , a bidder who bids first and has a high valuation will generally over-deposit in equilibrium, i.e.  deposit more than he will bid.
After revision:  This is the source of multiple inefficiencies: To engage in costly signalling , a bidder who bids first and has a high valuation will generally over-deposit in equilibrium, i.e. deposit more than he will bid.