The insider's curse
The paper shows that in an open-ascending bid auction with multi-dimensional uncertainty about private and common value components, private information about the common value has negative value for a bidder if there are sufficiently many bidders. We discuss the role of the visibility of bids and the multi-dimensionality of private information for this result.
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References listed on IDEAS
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462, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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