Ding, Weili; Wolfstetter, Elmar - 2009
second highest score.
At the time of bidding, the cost of innovation, c, is already sunk. Therefore, in the
second …’ valuations is sufficiently bounded away from the seller’s own valuation.
12To prove this, not that bidding a higher score can … since the value of innovation is
the result of a pure random draw and at the time of bidding bidders only choose their …