CFDP 531

Competitive Bidding and Proprietary Information

Author(s): 

Publication Date: August 1979

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.

See CFP: 576B