Should First-Price Auctions Be Transparent?
研究重复一级价格拍卖中不同信息披露规则对效率和收入的影响，发现最低限度披露能实现有效配置，而公开出价则导致低效和低收入的混同均衡。
We investigate the role of market transparency in repeated first-price auctions. We consider a setting with independent private and persistent values. We analyze three distinct disclosure regimes regarding the bid and award history. In the minimal disclosure regime, each bidder only learns privately whether he won or lost the auction. In equilibrium, the allocation is efficient, and the minimal disclosure regime does not give rise to pooling equilibria. In contrast, in disclosure settings where either all or only the winner’s bids are public, an inefficient pooling equilibrium with low revenues exists.