Encyclopedia of Operations Research and Management Science

2013 Edition
| Editors: Saul I. Gass, Michael C. Fu

Independent Private Values Bidding Model

Reference work entry
DOI: https://doi.org/10.1007/978-1-4419-1153-7_200316

A bidding model in which a bidder's estimate of value for what is being auctioned is statistically independent of the value estimate for any other bidder. In such a model, no bidder has any reason to adjust an estimate of value upon learning the information of any other bidder.


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© Springer Science+Business Media New York 2013