Optimal disclosure of costly information packages in auctions

► We consider IPV second-price auctions with entry fees and costly information release. ► We discuss how a seller should optimally spread information among two bidders. ► Basically, any asymmetric information allocation dominates the symmetric allocation. ► Both bidders are willing to pay the same entry fee for any information allocation. ► Losses from allocating an amount of information non-optimally can be substantial.