期刊名称：Discussion Paper Series / Department of Economics, New York University
出版年度：2009
卷号：1
出版社：New York University
摘要：Peter DeMarzo, Ilan Kremer and Andrzej Skrzypacz (2005, henceforth DKS) analyzed auctions
in which bidders compete in securities. They show that a steeper security leads to
a higher expected revenue for the seller, and also use this to establish the revenue ranking
between standard auctions. In this comment, we obtain the opposite results to DKS's by
assuming that a higher return requires a higher investment cost. Given this latter assumption,
steeper securities are more vulnerable to adverse selection, and may yield lower expected
revenue, than atter ones.
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