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Selling to Intermediaries: Optimal Auction Design in a Common Value Model
2017
Social Science Research Network
We characterize revenue maximizing auctions when the bidders are intermediaries who wish to resell the good. The bidders have differential information about their common resale opportunities: each bidder privately observes an independent draw of a resale opportunity, and the highest signal is a sufficient statistic for the value of winning the good. If the good must be sold, then the optimal mechanism is simply a posted price at which all bidders are willing to purchase the good, and all
doi:10.2139/ssrn.3018883
fatcat:i3rcreetajglbebdb6bgbttqc4