Preprint
Oct 2026
Winner's bliss: interdependent-value auctions with horizontal uncertainty
We analyze auctions with interdependent values and horizontally differentiated bidders, where good news for one bidder is bad news for the other bidders. This generates a winner's bliss, reversing the well-known winner's curse: winning means buying an object that is more valuable than a na\"{\i}ve estimate suggests. Ou...
F. Echenique, Yu-Ting Ho
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