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Should Auctions be Transparent?

We investigate the role of market transparency in repeated first-price auctions. We consider a setting with independent private and persistent values. We analyze three distinct disclosure regimes regarding the bid and award history. In the minimal disclosure regime each bidder only learns privately whether he won or lost the auction. In equilibrium the allocation is efficient and the minimal disclosure regime does not give rise to pooling equilibria. In contrast, in disclosure settings where either all or only the winner’s bids are public, an inefficient pooling equilibrium with low revenues exists.

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File URL: http://cowles.yale.edu/sites/default/files/files/pub/d17/d1764-r.pdf
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Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1764R.

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Length: 57 pages
Date of creation: Aug 2010
Date of revision: Sep 2014
Handle: RePEc:cwl:cwldpp:1764r
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Order Information: Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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  1. Albaek, Svend & Mollgaard, Peter & Overgaard, Per B, 1997. "Government-Assisted Oligopoly Coordination? A Concrete Case," Journal of Industrial Economics, Wiley Blackwell, vol. 45(4), pages 429-443, December.
  2. Timothy N. Cason & Karthik N. Kannan & Ralph Siebert, 2011. "An Experimental Study of Information Revelation Policies in Sequential Auctions," Management Science, INFORMS, vol. 57(4), pages 667-688, April.
  3. Blume, Andreas, 2003. "Bertrand without fudge," Economics Letters, Elsevier, vol. 78(2), pages 167-168, February.
  4. Kleijnen, J.P.C. & van Schaik, F.D.J., 2007. "Sealed-Bid Auction of Dutch Mussels : Statistical Analysis," Discussion Paper 2007-83, Tilburg University, Center for Economic Research.
  5. Jacob Rubinstein & Elmar Wolfstetter & Michael Landsberger & Shmuel Zamir, 2001. "First-price auctions when the ranking of valuations is common knowledge," Review of Economic Design, Springer;Society for Economic Design, vol. 6(3), pages 461-480.
  6. Charles J. Thomas, 2010. "INFORMATION REVELATION AND BUYER PROFITS IN REPEATED PROCUREMENT COMPETITION -super-," Journal of Industrial Economics, Wiley Blackwell, vol. 58(1), pages 79-105, March.
  7. Estelle Cantillon & Martin Pesendorfer, 2006. "Auctioning bus routes: the London experience," ULB Institutional Repository 2013/9003, ULB -- Universite Libre de Bruxelles.
  8. Chwe, Michael Suk-Young, 1989. "The discrete bid first auction," Economics Letters, Elsevier, vol. 31(4), pages 303-306, December.
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