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The public release of information in first-price sealed-bid auctions

Author

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  • François Maréchal

    (CRESE - Centre de REcherches sur les Stratégies Economiques (UR 3190) - UFC - Université de Franche-Comté - UBFC - Université Bourgogne Franche-Comté [COMUE])

  • Pierre-Henri Morand

    (LBNC - Laboratoire Biens, Normes, Contrats - AU - Avignon Université)

Abstract

We determine the conditions under which the seller in a first-price sealed-bid auction has an incentive to reveal his private information about the mean of bidders’ valuations in order to increase his expected revenue. With risk-neutral bidders, we show that the seller’s expected revenue is higher when information is revealed. However, when bidders are risk-averse, this result does not necessarily hold; it depends on the bidders’ risk-aversion level and on the number of bidders. Copyright Springer-Verlag 2012
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • François Maréchal & Pierre-Henri Morand, 2012. "The public release of information in first-price sealed-bid auctions," Post-Print hal-01313411, HAL.
    • Handle: RePEc:hal:journl:hal-01313411
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    Keywords

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    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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