search query: @author Pfeifer, P. E. / total: 5
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| Author: | Pfeifer, P. E. Schmidt, R. |
| Title: | A decision-theoretic valuation of information in sealed-bid auctions for items of known value |
| Journal: | Decision Sciences
1990 : SPRING, VOL. 21:2, p.461-470 |
| Index terms: | DECISION MAKING DECISION ANALYSIS DECISION MODELS |
| Language: | eng |
| Abstract: | The authors consider the issue of how much time and effort should be spent in preparing a bid for a single item sold at a first-price sealed-bid auction. A decision-theoretic approach summarizes the decision-maker's knowledge of the competitive environment via a probability distribution of the highest competitive bid. The results show that additional research is most valuable prior to auctions the bidder expects to win. |
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