equilibrium is characterized; the equilibrium is privately revealing and the incentives to acquire information are preserved …. Price-cost margins and bid shading are affected by the parameters of the information structure: supply functions are steeper … common value case they tend to the collusive level. Private information coupled with strategic behavior induces additional …

This paper presents a market with asymmetric information where a privately revealing equilibrium obtains in a … competitive framework and where incentives to acquire information are preserved. The equilibrium is efficient, and the paradoxes … amount of induced mispricing. -- adverse selection ; information acquisition ; double auction ; multi-unit auctions ; rate of …

This paper performs a welfare analysis of economies with private information when public information is endogenously … in information). The reason is that the market in general does not internalize the informational externality when public … statistics (e.g., prices) convey information. Under strategic substitutability, equilibrium prices will tend to convey too little …