期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2000
卷号：2000
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：We study a general model of common-value second-price auctions
with differential information. We show that one of the bidders has an
information advantage over the other bidders if and only if he possesses
a dominant strategy. A dominant strategy is,in fact,unique,and is
given by the conditional expectation of the common value with respect
to his information field. Furthermore,when a bidder has information
advantage,other bidders cannot make a profit.
