The insider's curse |
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| Authors: | ngel Hernando-Veciana Michael Trge |
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| Institution: | a Departamento de Economía, Universidad Carlos III, 28903 Madrid, Spain;b ESCP–EAP, Paris, France |
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| Abstract: | The paper shows that in an open-ascending bid auction with multi-dimensional uncertainty about private and common value components, private information about the common value has negative value for a bidder if there are sufficiently many bidders. We discuss the role of the visibility of bids and the multi-dimensionality of private information for this result. |
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| Keywords: | Auctions Asymmetric information Information disclosure |
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