Information Variability Impacts in Auctions

Justin Jia (), Ronald Harstad and Michael H. Rothkopf
Additional contact information
Justin Jia: Smeal College of Business, Pennsylvania State University, University Park, Pennsylvania 16802
Michael H. Rothkopf: Formerly at the Smeal College of Business, Pennsylvania State University, University Park, Pennsylvania 16802

Decision Analysis, 2010, vol. 7, issue 1, 137-142

Abstract: A wide variety of auction models exhibit close relationships between expected revenue and the second-highest order statistic of bidders' expected asset values. Similarly close relationships between the winner's expected profit and the expected difference between the highest and second-highest order statistics of bidders' information are also common. We use stochastic orderings to see when greater environmental variability of bidders' information enhances expected profit and expected revenue.

Keywords: auctions; revenue; expected profit; order statistics; stochastic orderings (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (11)

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http://dx.doi.org/10.1287/deca.1090.0163 (application/pdf)

Related works:
Working Paper: Information Variability Impacts in Auctions (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ordeca:v:7:y:2010:i:1:p:137-142

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