Dynamic bidding
نویسنده
چکیده
Consider a second-price auction with costly bidding in which bidders with i.i.d. private values have multiple opportunities to bid. If bids are publicly observable, the resulting dynamic-bidding game generates greater expected total welfare than when bids are sealed or, if the seller commits to an optimal reserve, greater expected revenue. If the seller cannot commit to a bid-revelation policy, however, equilibrium outcomes are the same as if bids cannot be revealed. JEL Codes: D44.
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