Open AccessCommunications to the Editor—Competitive Bidding with Disparate Information
Author(s) -
Robert B. Wilson
Publication year - 1969
Publication title -
management science
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 4.954
H-Index - 255
eISSN - 1526-5501
pISSN - 0025-1909
DOI - 10.1287/mnsc.15.7.446
Subject(s) - bidding , call for bids , simple (philosophy) , computer science , value (mathematics) , mathematical economics , operations research , microeconomics , industrial organization , economics , business , procurement , marketing , mathematics , philosophy , epistemology , machine learning
This paper analyses competitive bidding via sealed tenders for the case in which the bidders have different sources and amounts of information available about the value of the prize. The equilibrium pure strategies are characterized and computational methods are derived. A simple example is solved completely.