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The public release of information in first-price sealed-bid auctions

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  • François Maréchal

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  • Pierre-Henri Morand

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    Abstract

    We determine the conditions under which the seller in a first-price sealed-bid auction has an incentive to reveal his private information about the mean of bidders’ valuations in order to increase his expected revenue. With risk-neutral bidders, we show that the seller’s expected revenue is higher when information is revealed. However, when bidders are risk-averse, this result does not necessarily hold; it depends on the bidders’ risk-aversion level and on the number of bidders. Copyright Springer-Verlag 2012

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    Bibliographic Info

    Article provided by Springer in its journal Review of Economic Design.

    Volume (Year): 16 (2012)
    Issue (Month): 4 (December)
    Pages: 323-330

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    Handle: RePEc:spr:reecde:v:16:y:2012:i:4:p:323-330

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    Related research

    Keywords: Auctions; Information; Risk-aversion; D44; D81;

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    References

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    1. Thomas VON UNGERN-STERNBERG, 1990. "Swiss Auctions," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 9001, Université de Lausanne, Faculté des HEC, DEEP.
      • von Ungern-Sternberg, Thomas, 1991. "Swiss Auctions," Economica, London School of Economics and Political Science, vol. 58(231), pages 341-57, August.
    2. Kagel, John H & Harstad, Ronald M & Levin, Dan, 1987. "Information Impact and Allocation Rules in Auctions with Affiliated Private Values: A Laboratory Study," Econometrica, Econometric Society, vol. 55(6), pages 1275-1304, November.
    3. Klemperer, Paul, 1999. "Auction Theory: a Guide to the Literature," CEPR Discussion Papers 2163, C.E.P.R. Discussion Papers.
    4. Calin Valsan & Robert Sproule, 2006. "Hedonic Models and Pre-Auction Estimates: Abstract Art Revisited," Economics Bulletin, AccessEcon, vol. 26(5), pages 1-10.
    5. repec:ebl:ecbull:v:26:y:2006:i:5:p:1-10 is not listed on IDEAS
    6. Biais, Bruno & Bossaerts, Peter, 1998. "Asset Prices and Trading Volume in a Beauty Contest," Review of Economic Studies, Wiley Blackwell, vol. 65(2), pages 307-40, April.
    7. Philippe Jehiel, 2007. "Manipulative Auction Design," Levine's Bibliography 122247000000001547, UCLA Department of Economics.
    8. Milgrom, Paul R & Weber, Robert J, 1982. "A Theory of Auctions and Competitive Bidding," Econometrica, Econometric Society, vol. 50(5), pages 1089-1122, September.
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