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Ex Post Information in Auctions

  • Riley, John G

When buyers' private information about the value of an item for sale is correlat ed, the seller can increase expected revenue in a sealed bid auction. Specifically, revenue can be increased by making the payment a funct ion of all the losing bids. In addition, there are gains to making th e payment contingent upon some signal of the object's value which bec omes public at a later date. That is, there are gains to introducing positive royalty value. Copyright 1988 by The Review of Economic Studies Limited.

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Article provided by Wiley Blackwell in its journal Review of Economic Studies.

Volume (Year): 55 (1988)
Issue (Month): 3 (July)
Pages: 409-29

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Handle: RePEc:bla:restud:v:55:y:1988:i:3:p:409-29
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  1. Marc S. Robinson, 1984. "Oil Lease Auctions: Reconciling Economic Theory with Practice," UCLA Economics Working Papers 292, UCLA Department of Economics.
  2. John G. Riley & William Samuelson, 1979. "Optimal Auctions," UCLA Economics Working Papers 152, UCLA Department of Economics.
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