First-Price Auctions with General Information Structures: A Short Introduction
11 Pages Posted: 7 Jun 2018
Date Written: May 21, 2018
In a recent paper, [Bergemann et al. 2017a], we derive results about equilibrium behavior in the ﬁrst-price auction that hold across all common-prior information structures. The purpose of this letter is to give an informal introduction into the results. At the end we oﬀer a brief discussion of related work.
Keywords: First-price auction, Information structure, Bayes correlated equilibrium, Private values, Interdependent values, Common values, Revenue, Surplus, Welfare bounds, Reserve price
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