Title

Competitive Bidding and Proprietary Information

Document Type

Discussion Paper

Publication Date

8-1-1979

CFDP Number

531

CFDP Pages

11

Abstract

The auction of an object is considered, for the case in which one bidder is better-informed than the others concerning the actual value of the object. An equilibrium point solution of the competitive bidding game is determined; at this equilibrium, the expected revenue of the less-well-informed bidders is zero. The case of an object which can take only values from a discrete set is dealt with as the limit of auctions of continuously-valued objects.

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