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The Loser's Curse and Information Aggregation in Common Value Auctions

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Cited by:

  1. Yusuke Kamishiro & Roberto Serrano, 2009. "Equilibrium Blocking in Large Quasilinear Economies," Working Papers wp2009_0911, CEMFI.
  2. Dipjyoti Majumdar & Artyom Shneyerov & Huan Xie, 2010. "How Optimism Leads to Price Discovery and Efficiency in a Dynamic Matching Market," Working Papers 10004, Concordia University, Department of Economics.
  3. Azrieli, Yaron & Levin, Dan, 2011. "Dominance-solvable common-value large auctions," Games and Economic Behavior, Elsevier, vol. 73(2), pages 301-309.
  4. Brendan Daley & Brett Green & Victoria Vanasco, 2016. "Designing securities for scrutiny," Economics Working Papers 1818, Department of Economics and Business, Universitat Pompeu Fabra, revised Nov 2021.
  5. Hernando-Veciana, Ángel & Tröge, Michael, 2011. "The insider's curse," Games and Economic Behavior, Elsevier, vol. 71(2), pages 339-350, March.
  6. Jackson, Matthew O. & Kremer, Ilan, 2007. "On the informational inefficiency of discriminatory price auctions," Journal of Economic Theory, Elsevier, vol. 132(1), pages 507-517, January.
  7. Mezzetti, Claudio & Tsetlin, Ilia, 2008. "On the lowest-winning-bid and the highest-losing-bid auctions," Journal of Mathematical Economics, Elsevier, vol. 44(9-10), pages 1040-1048, September.
  8. Wolfram Merzyn & Gabor Virag & Stephan Lauermann, 2010. "Aggregate uncertainty and learning in a search model," 2010 Meeting Papers 1235, Society for Economic Dynamics.
  9. Murto, Pauli & Välimäki, Juuso, 2013. "Delay and information aggregation in stopping games with private information," Journal of Economic Theory, Elsevier, vol. 148(6), pages 2404-2435.
  10. Hernando-Veciana, Ángel, 2009. "Information acquisition in auctions: Sealed bids vs. open bids," Games and Economic Behavior, Elsevier, vol. 65(2), pages 372-405, March.
  11. Duffie, Darrell & Malamud, Semyon & Manso, Gustavo, 2010. "The relative contributions of private information sharing and public information releases to information aggregation," Journal of Economic Theory, Elsevier, vol. 145(4), pages 1574-1601, July.
  12. García, Diego & Urošević, Branko, 2013. "Noise and aggregation of information in large markets," Journal of Financial Markets, Elsevier, vol. 16(3), pages 526-549.
  13. Neeman, Zvika & Orosel, Gerhard O., 1999. "Herding and the Winner's Curse in Markets with Sequential Bids," Journal of Economic Theory, Elsevier, vol. 85(1), pages 91-121, March.
  14. Asriyan, Vladimir & Fuchs, William & Green, Brett, 2021. "Aggregation and design of information in asset markets with adverse selection," Journal of Economic Theory, Elsevier, vol. 191(C).
  15. Mailath, George J. & Samuelson, Larry & Swinkels, Jeroen M., 1997. "How Proper Is Sequential Equilibrium?," Games and Economic Behavior, Elsevier, vol. 18(2), pages 193-218, February.
  16. Kyungmin Kim & Benjamin Lester & Braz Camargo, 2012. "Subsidizing Price Discovery," 2012 Meeting Papers 338, Society for Economic Dynamics.
  17. Ping Zhang, 2009. "Characterization of Pure Strategy Equilibria in Uniform Price IPO Auctions," Discussion Papers 2009-05, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
  18. Vives, Xavier, 2011. "A Large-Market Rational Expectations Equilibrium Model," CEPR Discussion Papers 8426, C.E.P.R. Discussion Papers.
  19. Alp E. Atakan & Mehmet Ekmekci, 2014. "Auctions, Actions, and the Failure of Information Aggregation," American Economic Review, American Economic Association, vol. 104(7), pages 2014-2048, July.
  20. Haile,P.A., 1999. "Auctions with resale," Working papers 33, Wisconsin Madison - Social Systems.
  21. Michael Ostrovsky, 2012. "Information Aggregation in Dynamic Markets With Strategic Traders," Econometrica, Econometric Society, vol. 80(6), pages 2595-2647, November.
  22. Hashimoto, Tadashi, 2018. "The generalized random priority mechanism with budgets," Journal of Economic Theory, Elsevier, vol. 177(C), pages 708-733.
  23. Robert B. Wilson, 2021. "Strategic Analysis of Auctions," Econometrica, Econometric Society, vol. 89(2), pages 555-561, March.
  24. Dipjyoti Majumdar & Artyom Shneyerov & Huan Xie, 2016. "An optimistic search equilibrium," Review of Economic Design, Springer;Society for Economic Design, vol. 20(2), pages 89-114, June.
  25. Michael Peters & Sergei Severinov, 2008. "An ascending double auction," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 37(2), pages 281-306, November.
  26. Han Hong & Harry J. Paarsch & Pai Xu, 2013. "On the asymptotic distribution of the transaction price in a clock model of a multi-unit, oral, ascending-price auction within the common-value paradigm," RAND Journal of Economics, RAND Corporation, vol. 44(4), pages 664-685, December.
  27. Songzi Du, 2018. "Robust Mechanisms Under Common Valuation," Econometrica, Econometric Society, vol. 86(5), pages 1569-1588, September.
  28. Braz Camargo & Kyungmin Kim & Benjamin Lester, 2016. "Information Spillovers, Gains from Trade, and Interventions in Frozen Markets," The Review of Financial Studies, Society for Financial Studies, vol. 29(5), pages 1291-1329.
  29. Max R. Blouin & Roberto Serrano, 2001. "A Decentralized Market with Common Values Uncertainty: Non-Steady States," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 68(2), pages 323-346.
  30. Paulo Barelli & Sourav Bhattacharya & Lucas Siga, 2022. "Full Information Equivalence in Large Elections," Econometrica, Econometric Society, vol. 90(5), pages 2161-2185, September.
  31. Nicolas S. Lambert & Michael Ostrovsky & Mikhail Panov, 2018. "Strategic Trading in Informationally Complex Environments," Econometrica, Econometric Society, vol. 86(4), pages 1119-1157, July.
  32. Axelson, Ulf, 2005. "Security Design with Investor Private Information," SIFR Research Report Series 37, Institute for Financial Research.
  33. Diego García & Branko Urosevic, 2004. "Noise and aggregation of information in large markets," Economics Working Papers 785, Department of Economics and Business, Universitat Pompeu Fabra.
  34. Dirk Bergemann & Xianwen Shi & Juuso Valimaki, 2009. "Information Acquisition in Interdependent Value Actions," Journal of the European Economic Association, MIT Press, vol. 7(1), pages 61-89, March.
  35. Timothy Feddersen & Wolfgang Pesendorfer, 1997. "Voting Behavior and Information Aggregation in Elections with Private Information," Econometrica, Econometric Society, vol. 65(5), pages 1029-1058, September.
  36. Linzert, Tobias & Nautz, Dieter & Breitung, Jorg, 2006. "Bidder behavior in central bank repo auctions: Evidence from the Bundesbank," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 16(3), pages 215-230, July.
  37. Hong, Han & Shum, Matthew, 2004. "Rates of information aggregation in common value auctions," Journal of Economic Theory, Elsevier, vol. 116(1), pages 1-40, May.
  38. Eric Maskin, 2004. "The Unity of Auction Theory: Paul Milgrom's Masterclass," Economics Working Papers 0044, Institute for Advanced Study, School of Social Science.
  39. Ilia Tsetlin & Aleksandar Pekeč, 2006. "On the existence of an increasing symmetric equilibrium in (k + 1)-st price common value auctions," Review of Economic Design, Springer;Society for Economic Design, vol. 10(1), pages 63-71, April.
  40. Lou, Youcheng & Parsa, Sahar & Ray, Debraj & Li, Duan & Wang, Shouyang, 2019. "Information aggregation in a financial market with general signal structure," Journal of Economic Theory, Elsevier, vol. 183(C), pages 594-624.
  41. Hernando-Veciana, Angel, 2004. "Successful uninformed bidding," Games and Economic Behavior, Elsevier, vol. 48(1), pages 29-53, July.
  42. Aleksandar Saša Pekev{c} & Ilia Tsetlin, 2008. "Revenue Ranking of Discriminatory and Uniform Auctions with an Unknown Number of Bidders," Management Science, INFORMS, vol. 54(9), pages 1610-1623, September.
  43. Eiichiro Kazumori, 2008. "A Strategic Theory of Markets," CARF F-Series CARF-F-143, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
  44. Laurent Lamy, 2007. "Bidder Behavior in Multi-Unit Ascending Auctions : Evidence from Cross-Border Capacity Auctions," Working Papers 2007-27, Center for Research in Economics and Statistics.
  45. Chen, Yan & Jiang, Ming & Kesten, Onur & Robin, Stéphane & Zhu, Min, 2018. "Matching in the large: An experimental study," Games and Economic Behavior, Elsevier, vol. 110(C), pages 295-317.
  46. Alp E. Atakan & Mehmet Ekmekci, 2021. "Market Selection and the Information Content of Prices," Econometrica, Econometric Society, vol. 89(5), pages 2049-2079, September.
  47. Vladimir Asriyan, 2017. "Information Aggregation in Dynamic Markets with Adverse Selection," 2017 Meeting Papers 988, Society for Economic Dynamics.
  48. Martinelli, Cesar, 2002. "Convergence Results for Unanimous Voting," Journal of Economic Theory, Elsevier, vol. 105(2), pages 278-297, August.
  49. Duffie, Darrell & Malamud, Semyon & Manso, Gustavo, 2014. "Information percolation in segmented markets," Journal of Economic Theory, Elsevier, vol. 153(C), pages 1-32.
  50. Murto, Pauli & Välimäki, Juuso, 2015. "Large common value auctions with risk averse bidders," Games and Economic Behavior, Elsevier, vol. 91(C), pages 60-74.
  51. Yin, Pai-Ling, 2007. "Empirical tests of information aggregation," International Journal of Industrial Organization, Elsevier, vol. 25(6), pages 1179-1189, December.
  52. In-Koo Cho, 2004. "Monotonicity and Rationalizability in Large Uniform Price and Double Auctions," Theory workshop papers 658612000000000076, UCLA Department of Economics.
  53. Charness, Gary & Levin, Dan & Schmeidler, David, 2019. "An experimental study of estimation and bidding in common-value auctions with public information," Journal of Economic Theory, Elsevier, vol. 179(C), pages 73-98.
  54. Shneyerov, Artyom & Wong, Adam C.L., 2020. "Price discovery in a matching and bargaining market with aggregate uncertainty," Games and Economic Behavior, Elsevier, vol. 124(C), pages 183-206.
  55. Benjamin Balzer & Antonio Rosato, 2021. "Expectations-Based Loss Aversion in Auctions with Interdependent Values: Extensive vs. Intensive Risk," Management Science, INFORMS, vol. 67(2), pages 1056-1074, February.
  56. Patrick Hummel, 2010. "Jury theorems with multiple alternatives," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 34(1), pages 65-103, January.
  57. Haile, Philip A., 2003. "Auctions with private uncertainty and resale opportunities," Journal of Economic Theory, Elsevier, vol. 108(1), pages 72-110, January.
  58. Goldreich, David, 2003. "Underpricing in Discriminatory and Uniform-Price Treasury Auctions," CEPR Discussion Papers 4105, C.E.P.R. Discussion Papers.
  59. Baruch, Shmuel & Glosten, Lawrence R., 2019. "Tail expectation and imperfect competition in limit order book markets," Journal of Economic Theory, Elsevier, vol. 183(C), pages 661-697.
  60. Jackson, Matthew O. & Kremer, Ilan, 2004. "The relationship between the allocation of goods and a seller's revenue," Journal of Mathematical Economics, Elsevier, vol. 40(3-4), pages 371-392, June.
  61. Tunca, Tunay I., 2008. "Information precision and asymptotic efficiency of industrial markets," Journal of Mathematical Economics, Elsevier, vol. 44(9-10), pages 964-996, September.
  62. Duffie, Darrell & Malamud, Semyon & Manso, Gustavo, 2015. "Reprint of: Information percolation in segmented markets," Journal of Economic Theory, Elsevier, vol. 158(PB), pages 838-869.
  63. Harstad, Ronald M. & Pekec, Aleksandar Sasa & Tsetlin, Ilia, 2008. "Information aggregation in auctions with an unknown number of bidders," Games and Economic Behavior, Elsevier, vol. 62(2), pages 476-508, March.
  64. Asen Ivanov & Dan Levin & Muriel Niederle, 2010. "Can Relaxation of Beliefs Rationalize the Winner's Curse?: An Experimental Study," Econometrica, Econometric Society, vol. 78(4), pages 1435-1452, July.
  65. Joseph M. Ostroy & Louis Makowski, 2001. "Perfect Competition and the Creativity of the Market," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 479-535, June.
  66. Martin W. Cripps & Jeroen M. Swinkels, 2006. "Efficiency of Large Double Auctions," Econometrica, Econometric Society, vol. 74(1), pages 47-92, January.
  67. Ping Zhang, 2009. "Characterization of Pure Strategy Equilibria in Uniform Price IPO Auctions," Discussion Papers 2009-05, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
  68. Au, Pak Hung, 2019. "The loser's curse in the search for advice," Theoretical Economics, Econometric Society, vol. 14(3), July.
  69. Bougt, Daniel & Ghosh, Gagan & Liu, Heng, 2023. "Identification of interdependent values in sequential first-price auctions," International Journal of Industrial Organization, Elsevier, vol. 91(C).
  70. Çolak, Gönül & Günay, Hikmet, 2011. "Strategic waiting in the IPO markets," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 555-583, June.
  71. Murto, Pauli & Välimäki, Juuso, 2017. "Large all-pay auctions with IPV bidders," Journal of Economic Theory, Elsevier, vol. 169(C), pages 629-640.
  72. Gadi Fibich & Arieh Gavious, 2010. "Large auctions with risk-averse bidders," International Journal of Game Theory, Springer;Game Theory Society, vol. 39(3), pages 359-390, July.
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