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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- Jacob K. Goeree & Theo Offerman, 2000.
"Competitive Bidding in Auctions with Private and Common Values,"
Tinbergen Institute Discussion Papers
00-044/1, Tinbergen Institute.
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447R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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