![]() ![]() ![]() In this setting, it is well known that sealed-bid auctions do not achieve efficient allocations in general since they do not allow the information held by different bidders to be shared. The value to a particular bidder may depend on information available only to others and asymmetric. In this dissertation, we explore the efficiency of common auctions when values are interdependent. Auctions are among the oldest economic institutions in place and they are still in use.
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