| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7989 |
| DP7989 Should Auctions Be Transparent? | |
| Dirk Bergemann; Johannes Hörner | |
| 发表日期 | 2010-09-01 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We investigate the role of market transparency in repeated first-price auctions. We consider a setting with private and independent values across bidders. The values are assumed to be perfectly persistent over time. We analyze the first-price auction under three distinct disclosure regimes regarding the bid and award history. Of particular interest is the minimal disclosure regime, in which each bidder only learns privately whether he won or lost the auction at the end of each round. In equilibrium, the winner of the initial auction lowers his bids over time, while losers keep their bids constant, in anticipation of the winner's lower future bids. This equilibrium is efficient, and all information is eventually revealed. Importantly, this disclosure regime does not give rise to pooling equilibria. We contrast the minimal disclosure setting with the case in which all bids are public, and the case in which only the winner's bids are public. In these settings, an inefficient pooling equilibrium with low revenues always exists with a sufficiently large number of bidders. |
| 主题 | Industrial Organization ; Public Economics |
| 关键词 | First price auction Information revelation Private bids Repeated auctions |
| URL | https://cepr.org/publications/dp7989 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536826 |
| 推荐引用方式 GB/T 7714 | Dirk Bergemann,Johannes Hörner. DP7989 Should Auctions Be Transparent?. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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