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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(2013). Independent Private Values Bidding Model. In: Gass, S.I., Fu, M.C. (eds) Encyclopedia of Operations Research and Management Science. Springer, Boston, MA. https://doi.org/10.1007/978-1-4419-1153-7_200316
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DOI: https://doi.org/10.1007/978-1-4419-1153-7_200316
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Publisher Name: Springer, Boston, MA
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