Should auctioneers supply early information for prospective bidders? |
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| Institution: | 1. Skobeltsyn Institute of Nuclear Physics MSU, RU-119991 Moscow, Russian Federation;2. Irkutsk State University, RU-664003 Irkutsk, Russian Federation;3. Institute for Nuclear Research of the Russian Academy of Sciences, RU-117312 Moscow, Russian Federation;4. Dipartimento di Fisica Generale dell’Universita’ and INFN, I-10125 Torino, Italy;5. DESY, D-15738 Zeuthen, Germany;1. Solar-Terrestrial Environment Laboratory, Nagoya University, Nagoya, Aichi, Japan;2. Kobayashi-Maskawa institute for the origin of particles and the universe, Nagoya University, Nagoya, Aichi, Japan;1. Physics Department, College of Science, King Faisal University, PO Box 380, Alahsa 31982, Saudi Arabia;2. Theoretical Physics Group, Faculty of Sciences, Chouaïb Doukkali University, PO Box 20, 24000 El Jadida, Morocco;3. Saudi Center for Theoretical Physics, Dhahran, Saudi Arabia;4. Laboratoire de Physique Mathématique et de Physique Subatomique (LPMPS), Université Frères Mentouri, 25000 Constantine, Algérie;1. Key Laboratory of Electromagnetic Processing of Materials (Ministry of Education), Northeastern University, Shenyang 110819, China;2. School of Materials Science and Engineering, Shenyang Ligong University, Shenyang 110159, China |
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| Abstract: | Consider an auction in which potential bidders must sink an entry investment before learning their values, but where the auction designer can release information so that the bidders learn their values before entry. Such early information will induce screening of high-value bidders, and it will give rise to information rents and thereby a difference between the socially optimal auction and the auctioneer's preferred mechanism. Therefore, the auction designer has too weak an incentive to produce early information. Early information may increase or reduce equilibrium entry. If entry is sufficiently reduced, early information will harm the auction designer. |
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