Harrison, Rodrigo; Muñoz, Roberto; Varas, Felipe - Instituto de Economía, Facultad de Ciencia Económicas … - 2008
In this paper we study the role of resale opportunities in secondary markets over the bidding process in first and second price auctions. This trade opportunity arises owing to the presence of two factors. On the one hand, after receiving the object, the winner obtains new information about the...