Information Variability Impacts in Auctions
Metadata[+] Show full item record
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.
Department of Economics, 2009
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 License.