Sequential Common-Value Auctions with Asymmetrically Informed Bidders
Bibliographic record
Abstract
We study an infinitely repeated first-price auction with common values. We focus on one-sided incomplete information, in which one bidder learns the objects' value, which itself does not change over time. Learning by the uninformed bidder occurs only through observation of the bids. The proprietary information is eventually revealed, and the seller extracts essentially the entire rent (for large discount factors). Both players' pay-offs tend to 0 as the discount factor tends to 1. However, the uninformed bidder does relatively better than the informed bidder. We discuss the case of two-sided incomplete information and argue that, under a Markovian refinement, the outcome is pooling as information is revealed only insofar as it does not affect prices.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.010 | 0.031 |
| Meta-epidemiology (narrow) | 0.002 | 0.001 |
| Meta-epidemiology (broad) | 0.004 | 0.002 |
| Bibliometrics | 0.001 | 0.002 |
| Science and technology studies | 0.001 | 0.004 |
| Scholarly communication | 0.004 | 0.007 |
| Open science | 0.005 | 0.003 |
| Research integrity | 0.004 | 0.003 |
| Insufficient payload (model declined to judge) | 0.005 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".