Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 28, 2008 erstellt
Description:
This paper introduces granting of quot;exclusive bidding rightsquot;' to a subset buyers as a way of fostering their pre-auction information acquisition. A revenue maximizing monopolist gives N* the socially efficient number of informed buyers, or one more than N* buyers the exclusive right to bid, depending on a lumpsum value discovery (VD) cost. In the former case, equilibrium VD is efficient but allocation is ex-post inefficient while in the latter case it is the opposite (and participation in the auction is stochastic). Interestingly, the optimal reserve is independent of VD decisions but changes discontinuously and non-monotonically with VD cost