Article ID Journal Published Year Pages File Type
5061416 Economics Letters 2009 4 Pages PDF
Abstract
When players' affiliated values are symmetrically distributed, expected revenue in the second-price auction equals or exceeds that in the first-price auction (Milgrom and Weber, 1982). We provide two common-value examples where this ranking fails when players are asymmetrically informed.
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Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
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Revenue comparison in common-value auctions: Two examples
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