Almost Common Value Auctions: The "Wallet Game" and its Applications to Takeover Battles and Airwaves Auctions.
We use a classroom game, the "wallet Game", to show that in standard ascending, i.e. English, auctions of close-to-common-values objects, even slight asymmetries between bidders can have very large effects on prices. Examples of small asymmetries are a small value advantage for one bidder...
| Main Author: | |
|---|---|
| Format: | Working paper |
| Language: | English |
| Published: |
Nuffield College (University of Oxford)
1997
|