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Information revelation and efficiency in auctions

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  • Mikoucheva, Anna
  • Sonin, Konstantin

Abstract

We study the impact of information revelation on effciency in auctions. In a constrained-efficient mechanism, i.e. a mechanism that is efficient subject to the incentivecompatibility constraint, any additional information available to bidders increases the expected efficiency of the mechanism. This result cannot be extended to a more general setup: in a second-price sealed bid auction, revelation of information might lead to efficiency losses.

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File URL: http://www.sciencedirect.com/science/article/B6V84-4BSVC4V-3/2/2bb084712b56bcfa7804e22e922a3832
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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 83 (2004)
Issue (Month): 3 (June)
Pages: 277-284

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Handle: RePEc:eee:ecolet:v:83:y:2004:i:3:p:277-284

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Web page: http://www.elsevier.com/locate/ecolet

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References

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  1. Engelbrecht-Wiggans, Richard & Milgrom, Paul R. & Weber, Robert J., 1983. "Competitive bidding and proprietary information," Journal of Mathematical Economics, Elsevier, vol. 11(2), pages 161-169, April.
  2. Holmstrom, Bengt & Myerson, Roger B, 1983. "Efficient and Durable Decision Rules with Incomplete Information," Econometrica, Econometric Society, vol. 51(6), pages 1799-819, November.
  3. Partha Dasgupta & Eric Maskin, 2000. "Efficient Auctions," The Quarterly Journal of Economics, MIT Press, vol. 115(2), pages 341-388, May.
  4. Jacob K. Goeree & Theo Offerman, 1999. "Competitive Bidding in Auctions with Private and Common Values," Virginia Economics Online Papers 337, University of Virginia, Department of Economics.
  5. Paul Milgrom & Robert J. Weber, 1981. "A Theory of Auctions and Competitive Bidding," Discussion Papers 447R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  6. repec:wop:humbsf:2000-72 is not listed on IDEAS
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Cited by:
  1. Mun Chuia & David Porter & Stephen Rassenti & Vernon Smith, 2011. "The Effect of Bidding Information in Ascending Auctions," Working Papers 11-13, Chapman University, Economic Science Institute.
  2. Sonin Konstantin, 2004. "Private interest in public tenders: no revenue, no efficiency and no social benefits," EERC Working Paper Series 00-111e, EERC Research Network, Russia and CIS.

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