In second-price auctions, independently generated bidder signals still let the seller extract full surplus in an efficient equilibrium, but bidders cannot exactly capture maximal welfare except in degenerate value priors.
The expected total welfare is minimized atE[minjvj] =WEL
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Private Private Information in Second-Price Auction
In second-price auctions, independently generated bidder signals still let the seller extract full surplus in an efficient equilibrium, but bidders cannot exactly capture maximal welfare except in degenerate value priors.