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Competitive Bidding and Proprietary Information

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Author Info
Richard Engelbrecht-Wiggans
Robert J. Webber (Northwestern University)
Abstract

The auction of an object is considered, for the case in which one bidder is better-informed than the others concerning the actual value of the object. An equilibrium point solution of the competitive bidding game is determined; at this equilibrium, the expected revenue of the less-well-informed bidders is zero. The case of an object which can take only values from a discrete set is dealt with as the limit of auctions of continuously-valued objects.

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File URL: http://cowles.econ.yale.edu/P/cp/p05b/p0576b.pdf
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File URL: http://cowles.econ.yale.edu/P/cd/d05a/d0531.pdf
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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 531.

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Length: 11 pages
Date of creation: Aug 1979
Date of revision:
Publication status: Published in Journal of Mathematical Economics (1983), 11: 161-169
Handle: RePEc:cwl:cwldpp:531

Note: CFP 576b.
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Postal: Yale University, Box 208281, New Haven, CT 06520-8281 USA
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Web page: http://cowles.econ.yale.edu/
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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  1. Hughart, David, 1975. "Informational Asymmetry, Bidding Strategies, and the Marketing of Offshore Petroleum Leases," Journal of Political Economy, University of Chicago Press, vol. 83(5), pages 969-85, October. [Downloadable!] (restricted)
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This page was last updated on 2010-1-5.

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