Information Revelation and Efficiency in Auctions
We study the impact of information revelation on effciency in auctions. In a constrained-efficient mechanism, i.e. a mechanism that is efficient subject to the incentivecompatibility constraint, any additional information available to bidders increases the expected efficiency of the mechanism. This result cannot be extended to a more general setup: in a second-price sealed bid auction, revelation of information might lead to efficiency losses.
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- Holmstrom, Bengt & Myerson, Roger B, 1983.
"Efficient and Durable Decision Rules with Incomplete Information,"
Econometric Society, vol. 51(6), pages 1799-819, November.
- Bengt Holmstrom & Roger B. Myerson, 1981. "Efficient and Durable Decision Rules with Incomplete Information," Discussion Papers 495, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- P. Dasgupta & Eric Maskin, 1998.
Harvard Institute of Economic Research Working Papers
1857, Harvard - Institute of Economic Research.
- Paul Milgrom & Robert J. Weber, 1981.
"A Theory of Auctions and Competitive Bidding,"
447R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Jacob K. Goeree & Theo Offerman, 2003.
"Competitive Bidding in Auctions with Private and Common Values,"
Royal Economic Society, vol. 113(489), pages 598-613, 07.
- Jacob K. Goeree & Theo Offerman, 1999. "Competitive Bidding in Auctions with Private and Common Values," Virginia Economics Online Papers 337, University of Virginia, Department of Economics.
- Engelbrecht-Wiggans, Richard & Milgrom, Paul R. & Weber, Robert J., 1983. "Competitive bidding and proprietary information," Journal of Mathematical Economics, Elsevier, vol. 11(2), pages 161-169, April.
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