Free exchange

• For the third time since 2007, it goes to designers of market mechanisms
  Oct 12th 2020 |
  Mr Wilson began analysing such cases in the 1960s. He first tackled scenarios where the item for sale has a “common value”—a value that is uncertain beforehand but, in the end, is the same for everyone. An example might be a plot of land with oil beneath it, where participants may have different estimations of its value, perhaps because each has varying estimates of the quantity of oil. In such cases, the winner often discovers that the information others had about the common value led them to make lower bids. This may mean that the winner overestimated the worth of the item and paid too much, a phenomenon known as the winner’s curse.
  Mr Wilson’s work in this vein laid the groundwork for the analysis of yet more complex scenarios, which take both bidders’ unique private valuations and estimates of an item’s common value into consideration. The value of an oilfield, for instance, might depend on both the quantity of oil in the ground and how cheaply each bidder can extract it. Mr Milgrom (whose doctoral thesis was supervised by Mr Wilson) derived a number of important lessons from his analyses. Auction structures that elicit more private information from bidders—such as English auctions, where every participant observes who bids what and who drops out—reduce the winner’s curse problem compared with formats where very little private information is divulged. In some cases, it may be in the seller’s interest to provide bidders with more information about the item under the hammer.
  • 威尔逊在这方面的工作为分析更复杂的情况奠定了基础，这些复杂情况既考虑了竞标者的独立私人估价，也考虑了竞拍品共同价值的估计。例如，一个油田的价值可能既取决于地下石油的储量，也取决于每个投标者能以多低的价格开采它。米尔格罗姆(他的博士论文是由威尔逊指导的)从他的分析中得到了许多重要的结论。从投标者那里探出更多私人信息的拍卖结构——比如每个参与者都能观察到谁竞拍了什么、谁退出了的英式拍卖——与很少泄露私人信息的拍卖形式相比，这种竞拍形式减少了赢家诅咒问题。在某些情况下，向竞拍者提供更多有关拍卖品的信息可能符合卖家的利益。
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