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Information Revelation and Efficiency in Auctions

  • Anna Mikusheva

    ()

    (Harvard University)

  • Konstantin Sonin

    ()

    (New Economic School/CEFIR, Moscow)

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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Paper provided by Center for Economic and Financial Research (CEFIR) in its series Working Papers with number w0021.

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Length: 9 pages
Date of creation: Jun 2002
Date of revision:
Handle: RePEc:cfr:cefirw:w0021
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  1. Holmstrom, Bengt & Myerson, Roger B, 1983. "Efficient and Durable Decision Rules with Incomplete Information," Econometrica, Econometric Society, vol. 51(6), pages 1799-819, November.
  2. P. Dasgupta & Eric Maskin, 1998. "Efficient Auctions," Harvard Institute of Economic Research Working Papers 1857, Harvard - Institute of Economic Research.
  3. Paul Milgrom & Robert J. Weber, 1981. "A Theory of Auctions and Competitive Bidding," Discussion Papers 447R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  4. Jacob K. Goeree & Theo Offerman, 2003. "Competitive Bidding in Auctions with Private and Common Values," Economic Journal, Royal Economic Society, vol. 113(489), pages 598-613, 07.
  5. 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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