Download or read book Common Value Auctions and the Winner's Curse written by John H. Kagel and published by Princeton University Press. This book was released on 2002-08-11 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Melding theory with the econometric analysis of filed data, the authors of this text assess the design of government auctions, such as the spectrum rights (air wave) auctions that continue to be conducted around the world. They then gauge the sellers' revenue of the type of auction used and of inside information, show how bidders learn to avoid the winner's curse, and present comparisions of sophisticated bidders with students, the usual guinea pigs used in laboratory experiments.