Anmerkungen:
In: Seoul Journal of Economics 29 (No. 2 2016): 151-163
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 30, 2016 erstellt
Beschreibung:
We study the efficiency of standard auctions with interdependent values in which one of two bidders is perfectly informed of his value while the other is partially informed. The second-price auction, as well as English auction, has a unique ex-post equilibrium that yields efficient allocation. By contrast, the first-price auction has no efficient equilibrium