Ex Post Information in Auctions.
When buyers' private information about the value of an item for sale is correlat ed, the seller can increase expected revenue in a sealed bid auction. Specifically, revenue can be increased by making the payment a funct ion of all the losing bids. In addition, there are gains to making th e payment contingent upon some signal of the object's value which bec omes public at a later date. That is, there are gains to introducing positive royalty value. Copyright 1988 by The Review of Economic Studies Limited.
Year of publication: |
1988
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Authors: | Riley, John G |
Published in: |
Review of Economic Studies. - Wiley Blackwell, ISSN 0034-6527. - Vol. 55.1988, 3, p. 409-29
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Publisher: |
Wiley Blackwell |
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