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Note--Competitive Bidding with Asymmetric Information Reanalyzed

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  • M. Weverbergh

    (Universiteit Antwerpen, Belgium)

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    Abstract

    This note reanalyzes the following problem, formerly treated by Wilson (Wilson, R. B. 1967. Competitive bidding with asymmetric information. Management Sci. 13 (July) 816-820): two parties have to submit bids for an object One of them knows the value with certainty, the other does not. The equilibrium derived differs from Wilson's solution and yields a simple explanation for the case cited by Wilson: the value of the game is essentially zero for the party with incomplete information.

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    File URL: http://dx.doi.org/10.1287/mnsc.25.3.291
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    Bibliographic Info

    Article provided by INFORMS in its journal Management Science.

    Volume (Year): 25 (1979)
    Issue (Month): 3 (March)
    Pages: 291-294

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    Handle: RePEc:inm:ormnsc:v:25:y:1979:i:3:p:291-294

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    Related research

    Keywords: games/group decisions: bidding; games/group decisions: gambling;

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    Cited by:
    1. Juan Dubra, 2004. "A Correction to Uniqueness in 'Competitive Bidding and Proprietary Information'," Game Theory and Information 0409005, EconWPA.
    2. Alejandro Francetich, 2013. "Becoming the Neighbor Bidder: Endogenous Winner’s Curse in Dynamic Mechanisms," Working Papers 501, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    3. Malueg, David A. & Orzach, Ram, 2009. "Revenue comparison in common-value auctions: Two examples," Economics Letters, Elsevier, vol. 105(2), pages 177-180, November.
    4. Jean-Jacques Laffont, 1998. "Théorie des jeux et économie empirique : le cas des données issues d'enchères," Économie et Prévision, Programme National Persée, vol. 132(1), pages 121-137.
    5. Campbell, Colin M. & Levin, Dan, 2000. "Can the Seller Benefit from an Insider in Common-Value Auctions?," Journal of Economic Theory, Elsevier, vol. 91(1), pages 106-120, March.
    6. Erik R. Fasten & Dirk Hofmann, 2010. "Two-sided Certification: The market for Rating Agencies," SFB 649 Discussion Papers SFB649DP2010-007, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
    7. David Malueg & Ram Orzach, 2012. "Equilibrium and revenue in a family of common-value first-price auctions with differential information," International Journal of Game Theory, Springer, vol. 41(2), pages 219-254, May.

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