Engelbrecht-Wiggans, Richard - In: Management Science 34 (1988) 9, pp. 1109-1120
bidders to acquire information---or, more generally, to increase the amount of resources committed to bidding---in stages. We … using a multi-stage auction. In the example, bidders acquire costly information in stages; a bidder may stop acquiring … additional information as soon as further participation in the auction would no longer increase his expected net profit. The …