Revenue comparison in common-value auctions: Two examples |
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| Authors: | David A Malueg Ram Orzach |
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| Institution: | aDepartment of Economics, University of California, Riverside, CA 92521, United States;bDepartment of Economics, Oakland University, Rochester, MI 48309, United States |
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| Abstract: | When players' affiliated values are symmetrically distributed, expected revenue in the second-price auction equals or exceeds that in the first-price auction (Milgrom and Weber, 1982). We provide two common-value examples where this ranking fails when players are asymmetrically informed. |
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| Keywords: | First-price auction Second-price auction Revenue comparison |
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