Interdependent value auctions with insider information: Theory and experiment
Abstract
We develop a model of interdependent value auctions in which two types of bidders compete: insiders, who are perfectly informed about their value, and outsiders, who are informed only about the private component of their value. Because the bidding strategy of outsiders cannot efficiently adjust with that of insiders, the second-price auction is inefficient. The English auction has an equilibrium in which the information outsiders infer from the...
Paper Details
Title
Interdependent value auctions with insider information: Theory and experiment
Published Date
Sep 1, 2019
Journal
Volume
117
Pages
218 - 237
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