Strategic Implications of Uncertainty Over One's Own Private Value in Auctions
31 Pages Posted: 19 May 2001
Date Written: January 26, 2003
Abstract
Bidders have to decide whether and when to incur the cost of estimating their own values in auctions. This can explain sniping - flurries of bids late in auctions with deadlines - as the result of bidders trying to avoid stimulating other bidders into examining their bid ceiling more carefully.
Keywords: auctions, private values, sniping, bid ceilings, E-Bay
JEL Classification: D44
Suggested Citation: Suggested Citation
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