ISSN:
1432-1270
Source:
Springer Online Journal Archives 1860-2000
Topics:
Mathematics
,
Economics
Notes:
Abstract An example is given of a sequential auction in which, at equilibrium, the expected profit of an informed bidder may be strictly less than the expected profit of an uninformed bidder. This phenomenon is interpreted in terms of the internal game between a player's “types” which arises in a setting of incomplete information.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1007/BF01774302