Revenue comparison in common-value auctions: Two examples
AbstractWhen players' affiliated values are symmetrically distributed, expected revenue in the second-price auction equals or exceeds that in the first-price auction (Milgrom and Weber, 1982). We provide two common-value examples where this ranking fails when players are asymmetrically informed.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 105 (2009)
Issue (Month): 2 (November)
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Web page: http://www.elsevier.com/locate/ecolet
First-price auction Second-price auction Revenue comparison;
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