منابع مشابه
Should Auctions be Transparent?
We investigate the role of market transparency in repeated first-price auctions. We consider a setting with independent private and persistent values. We analyze three distinct disclosure regimes regarding the bid and award history. In the minimal disclosure regime each bidder only learns privately whether he won or lost the auction. In equilibrium the allocation is efficient and the minimal di...
متن کاملShould First-Price Auctions be Transparent?
We investigate the role of market transparency in repeated first-price auctions. We consider a setting with independent private and persistent values. We analyze three distinct disclosure regimes regarding the bid and award history. In the minimal disclosure regime each bidder only learns privately whether he won or lost the auction. In equilibrium the allocation is efficient and the minimal di...
متن کاملSHOULD AUCTIONS BE TRANSPARENT ? By Dirk
We investigate the role of market transparency in repeated first-price auctions. We consider a setting with independent private and persistent values. We analyze three distinct disclosure regimes regarding the bid and award history. In the minimal disclosure regime each bidder only learns privately whether he won or lost the auction. In equilibrium the allocation is efficient and the minimal di...
متن کاملShould Securities Markets Be Transparent?
While efficient price discovery is crucial, there is another equally important attribute of markets that merits consideration, namely liquidity. Efficient prices, after all, are unimportant if one can transact only a 100-share lot at these prices. Liquidity was historically provided by dealers who buy or sell securities on demand. In the past, where communication links were poor and buyers and ...
متن کاملShould Speculators Be Welcomed in Auctions?
The possibility of resale after an auction attracts speculators (i.e., bidders who have no use value for the objects on sale). In a multi-object auction, a high-value bidder may strictly prefer to let a speculator win some of the objects and then buy in the resale market, in order to keep the auction price low for the objects she wins in the auction. Therefore, although speculators increase com...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2014
ISSN: 1556-5068
DOI: 10.2139/ssrn.2493132