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Note--Competitive Bidding with Asymmetric Information Reanalyzed

Author

Listed:
  • M. Weverbergh

    (Universiteit Antwerpen, Belgium)

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.

Suggested Citation

  • M. Weverbergh, 1979. "Note--Competitive Bidding with Asymmetric Information Reanalyzed," Management Science, INFORMS, vol. 25(3), pages 291-294, March.
  • Handle: RePEc:inm:ormnsc:v:25:y:1979:i:3:p:291-294
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    File URL: http://dx.doi.org/10.1287/mnsc.25.3.291
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    Citations

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    Cited by:

    1. 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.
    2. Matoso, Rafael & Rezende, Marcelo, 2014. "Asymmetric information in oil and gas lease auctions with a national company," International Journal of Industrial Organization, Elsevier, vol. 33(C), pages 72-82.
    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. Rao, Neel, 2015. "General training in labor markets: Common value auctions with unobservable investment," Journal of Economic Behavior & Organization, Elsevier, vol. 120(C), pages 19-45.
    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. Dubra, Juan, 2006. "A correction to uniqueness in "Competitive Bidding and Proprietary Information"," Journal of Mathematical Economics, Elsevier, vol. 42(1), pages 56-60, February.
    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;Game Theory Society, vol. 41(2), pages 219-254, May.
    8. 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.
    9. Min Ding & Jehoshua Eliashberg & Joel Huber & Ritesh Saini, 2005. "Emotional Bidders---An Analytical and Experimental Examination of Consumers' Behavior in a Priceline-Like Reverse Auction," Management Science, INFORMS, vol. 51(3), pages 352-364, March.
    10. 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.

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