Umbhauer, Gisèle - Bureau d'Économie Théorique et Appliquée (BETA), … - 2011
In almost common value auctions, even a very small private payoff advantage is usually supposed to have an explosive effect on the outcomes in a second- price sealed-bid auction. According to Bikhchandani (1988) and Klemperer (1997) the large set of equilibria obtained for common value auction...