Asymmetric Information in Auctions: Are Resellers Better Appraisers?
نویسندگان
چکیده
منابع مشابه
Asymmetric Auctions
The revenue-equivalence theorem' for auctions predicts that expected seller revenue is independent of the bidding rules, as long as equilibrium has the properties that the buyer with the highest reservation price wins and any buyer with the lowest possible reservation price has zero expected surplus. Thus, in particular, the two most common auction institutions-the open "English" auction and th...
متن کاملAsymmetric Spite in Auctions
In many auctions, agents bid more aggressively than selfinterest would prescribe. This can be explained by spite, where the agent’s utility not only increases in the agent’s surplus but also decreases as the other bidders’ surpluses increase. Spite can stem from long-term benefits from making competitors worse off and from inherent psychological effects. There have been important recent game-th...
متن کاملAsymmetric 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 کاملThe value of information in asymmetric all-pay auctions
This note analyzes a two-player all-pay auction with incomplete information. More precisely, one bidder is uncertain whether his rival has a head start, i.e., an initial advantage in the auction. The game has a unique Bayesian Nash equilibrium outcome whose shape depends on the expected head start. In equilibrium, the potentially stronger player generates an informational rent if and only if he...
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...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2016
ISSN: 1556-5068
DOI: 10.2139/ssrn.2736141