Selling to Advised Buyers
研究了当买家依赖有高估倾向的专家顾问时，如何设计拍卖。发现英式拍卖能通过自然均衡在预期收入和配置效率上优于标准静态拍卖。
In many cases, buyers are not informed about their valuations and rely on experts, who are informed but biased for overbidding. We study auction design when selling to such “advised buyers.” We show that a canonical dynamic auction, the English auction, has a natural equilibrium that outperforms standard static auctions in expected revenues and allocative efficiency. The ability to communicate as the auction proceeds allows for more informative communication and gives advisors the ability to persuade buyers into overbidding. The same outcome is the unique equilibrium of the English auction when bidders can commit to contracts with their advisors.