Information variability impacts in auctions

Information variability impacts in auctions

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Article ID: iaor20103184
Volume: 7
Issue: 1
Start Page Number: 137
End Page Number: 142
Publication Date: Mar 2010
Journal: Decision Analysis
Authors: , ,
Abstract:

A wide variety of auction models exhibit close relationships between expected revenue and the second-highest order statistic of bidders' expected asset values. Similarly close relationships between the winner's expected profit and the expected difference between the highest and second-highest order statistics of bidders' information are also common. We use stochastic orderings to see when greater environmental variability of bidders' information enhances expected profit and expected revenue.

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