Information Variability Impacts in Auctions
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A wide variety of auction models exhibit close relationships between the winner's expected profit and the expected difference between the highest and second-highest order statistics of bidders' information, and between expected revenue and the second-highest order statistic of bidders' expected asset values. We use stochastic orderings to see when greater environmental variability of bidders' information enhances expected profit and expected revenue.
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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 License.