Oil lease auctions fall into [...]auction category because the value of the oil to be extracted is the same for all, but bidders must estimate what that value is.
Oil lease auctions fall into [...]auction category because the value of the oil to be extracted is the same for all, but bidders must estimate what that value is.
Oil lease auctions fall into [...]auction category because the value of the oil to be extracted is the same for all, but bidders must estimate what that value is.
Answer
common value
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Open it Oil lease auctions fall into common value auction category because the value of the oil to be extracted is the same for all, but bidders must estimate what that value is.
Original toplevel document (pdf)
owner: iamcfa - (no access) - 2015 CFA Level 1 Study Schweser Book 2 - Economics, p18
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