Asymmetric information about rivals' types in standard auctions
نویسندگان
چکیده
منابع مشابه
Asymmetric information about rivals' types in standard auctions: An experiment
This paper studies experimentally how information about rivals’ types affects bidding behavior in firstand second-price auctions. The comparative static hypotheses associated with information about rivals enables us to test the relevance of such information as well as the general predictions of the auction theory, by providing an effective means to control for risk aversion and other behavioral...
متن کاملAsymmetric information about rivals' types in standard auctions
We study auctions in which bidders may know the types of some rival bidders but not others. This asymmetry in bidders’ knowledge about rivals’ types has different effects on the two standard auction formats. In a second-price auction, it is weakly dominant to bid one’s valuation, so the knowledge of rivals’ types has no effect, and the good is allocated efficiently. In a first-price auction, bi...
متن کاملLow and high types in asymmetric first-price auctions
We study first-price auctions with n bidders where bidders’ types (valuations for the object) are drawn independently according to heterogeneous distribution functions. We show a relation between the distributions of high types and their equilibrium bids. On the other hand, we show that there is no relation between the distributions of types and equilibrium bids of low types, i.e. the equilibri...
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I empirically analyze credit market outcomes when competing lenders are differentially informed about the expected return from making a loan. I study the residential mortgage market, where property developers often cooperate with vertically integrated mortgage lenders to offer financing to buyers of new homes. I show that these integrated lenders have superior information about the construction...
متن کامل‘Know Thy Enemies’: Knowledge of Rivals’ Types and Its Effect on Auctions∗
We study auctions in which bidders may know the types of some rival bidders but not others. This asymmetry in bidders’ knowledge about rivals’ types has different effects on the two standard auction formats. In a second-price auction, it is weakly dominant to bid one’s valuation, so the knowledge of rivals’ types has no effect, and the good is allocated efficiently. In a first-price auction, bi...
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ژورنال
عنوان ژورنال: Games and Economic Behavior
سال: 2004
ISSN: 0899-8256
DOI: 10.1016/s0899-8256(03)00126-x