Auctions in Markets: Common Outside Options and the Continuation Value Effect
研究了未来市场互动提供外部选择时的拍卖，发现较少信息揭示可能带来更高收益，解释了不透明交易机制的普遍性。
In this paper, we study auctions with outside options provided by future market interaction focusing on the revenue effects of some information revelation policies. We show that auctions with less information revelation may yield higher revenues. In particular, we show that it is never optimal for the auctioneer to reveal information after the auction. Moreover, it is also not optimal to reveal information before the auction unless bidders already have precise information on their own. Our model provides a novel explanation for the prevalence of opaque trading mechanisms, and it offers insights into information sharing in dynamic models of trade.