Hernando-Veciana, Ángel; Tröge, Michael - In: Games and Economic Behavior 71 (2011) 2, pp. 339-350
The paper shows that in an open-ascending bid auction with multi-dimensional uncertainty about private and common value components, private information about the common value has negative value for a bidder if there are sufficiently many bidders. We discuss the role of the visibility of bids and...