Part of the appeal of the auction is that the competition it creates allows the seller to
do well independent of any knowledge of bidder values or any ability to exploit that knowl-
edge. Arming either buyers or sellers with greater commitment power and the knowledge
necessary to use it will modify the equilibrium in the sequential mechanism. If the seller
can opportunistically subsidize entry it can increase expected revenue ?mainly through the
5Put di¤erently, a potential bidder is just like an investor considering the purchase of a stock-option,
with the bidder?s entry cost corresponding to the price of the option, so ceteris paribus the mechanism with
the more uncertain price is more attractive ?just as a stock option is more valuable the more volatile is the
stock.
ceteris paribus, the more volatile is the story.
As Galeano said and still writes.
nuff.ox.ac.uk
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Funny stuff, sorry for the repetition, considering the rubber-barons, amazonians, of Nancy SInatra too
geocities.com
Anyway, in just one year the next years must be better.
Ilmarinen.
The booth-bomber, really totally silly stuff, when it is mainly a question of growing cellulosa, not just littliest Uruguay.
Anyway, 12 more months, US election cycles, we are all counting and having fun.,
PS The Booth-Bomber, that was senator Craig, severely religious, fiddling around his shoes.
However, we are still trying to find out a cellulosa solution, with Brazil too. |
