Goldreich, David (contributor) - 2004 - [Elektronische Ressource]
Business School, Regent’s Park, London NW1 4SA, UK; and
CEPR. Tel: +44 (0)20 7272 5050. E-mail:dgoldreich@london.edu
1
1 …
, the expected profittoabidderis
Profit
b
=
b−1
X
j=1
π
j
(V
j
−P
b
)+
1
2
π
b
(V
b
−P
b
) (1)
18
For a bid P
b
to be …. For a bid
price P
b
, the expected profit to a bidder is
Profit
b
=
b−1
X
j=1
π
j
(V
j
−P
j
)+
1
2
π
b
(V
b
−P
b
) (7 …