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antiquity

  • Auctions are among the oldest economic institutions in place. They have been used since antiquity to

    Auctions are among the oldest economic institutions in place. They have been used since antiquity to sell a wide variety of goods, and their basic form has remained unchanged. In this dissertation, we explore the efficiency of common auctions when values are interdependent- the value to a particular bidder may depend on information available only to others-and asymmetric. In this setting, it is well known that sealed-bid auctions do not achieve efficient allocations in general since they do not allow the information held by different bidders to be shared.

    標簽: institutions antiquity Auctions economic

    上傳時間: 2014-07-14

    上傳用戶:Breathe0125

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