In first- and second-price private value auctions with sequential bidding, second movers may discover the first movers’ bid. Equilibrium behavior in the first-price auction is mostly unaffected but there are multiple equilibria in the second- price auction. Consequently, comparative statics...

We study non-instrumental value for information when choosing between symmetric and asymmetric information sources. Although symmetry is a seemingly superficial characteristic, we find a systematic preference for a symmetric source over an asymmetric one. We elicit beliefs and find that...