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We investigate the role of market transparency in repeated ﬁrst-price auctions. We consider a setting with independent private and persistent values. We analyze three distinct disclosure regimes regarding the bid and award history. In the minimal disclosure regime each bidder only learns privately whether he won or lost the auction. In equilibrium the allocation is eﬀicient and the minimal disclosure regime does not give rise to pooling equilibria. In contrast, in disclosure settings where either all or only the winner’s bids are public, an ineﬀicient pooling equilibrium with low revenues exists.
Bergemann, Dirk and Hörner, Johannes, "Should Auctions be Transparent?" (2010). Cowles Foundation Discussion Papers. 2101.