A Decision‐Theoretic Valuation of Information in Sealed‐Bid Auctions for Items of Known Value
研究在已知价值物品的一级价格密封投标拍卖中，投标人应投入多少时间和精力准备投标，利用决策理论评估获取额外信息（如分析历史投标数据）的经济价值，尤其适用于投标人预期获胜的拍卖。
This paper considers the question of how much time and effort should be spent in preparing a bid for a single item of known value sold at a first‐price sealed‐bid auction. A decision‐theoretic approach to this bid decision summarizes the decision maker's knowledge of the competitive environment through his or her subjective probability distribution of the highest competing bid. Research activities such as collecting and analyzing bid histories are efforts to obtain additional information that reduces the uncertainty in the highest competing bid. The decision‐theoretic concepts of expected value of perfect and imperfect information are used to place an economic value on such research activities. The results presented allow the decision maker to quantify the expected value of imperfect information when the uncertainty is normally distributed. The results show that additional research is most valuable prior to auctions the bidder expects to win.