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Linkage principle
The linkage principle is a finding of auction theory. It states that auction houses have an incentive to pre-commit to revealing all available information about each lot, positive or negative. The linkage principle is seen in the art market with the age-old tradition of auctioneers hiring art experts to examine each lot and pre-commit to provide a truthful estimate of its value.
The discovery of the linkage principle was most useful in determining optimal strategy for countries in the process of auctioning off drilling rights (as well as other natural resources, such as logging rights in Canada). An independent assessment of the land in question is now a standard feature of most auctions, even if the seller country may believe that the assessment is likely to lower the value of the land rather than confirm or raise a pre-existing valuation.
Failure to reveal information leads to the winning bidder incurring the discovery costs himself and lowering his maximum bid due to the expenses incurred in acquiring information. If he is not able to get an independent assessment, then his bids will take into account the possibility of downside risk. Both scenarios can be shown to lower the expected revenue of the seller. The expected sale price is raised by lowering these discovery costs of the winning bidder, and instead providing information to all bidders for free.
==Use in FCC Auction==
In the words of Evan Kwerel, "In the end, the FCC chose an ascending bid mechanism, largely because we believed that providing bidders with more information would likely increase efficiency and, as shown by Paul Milgrom and Robert J. Weber,〔Milgrom, Paul and Robert Weber (1982). "A Theory of Auctions and Competitive Bidding". Econometrica (Econometrica, Vol. 50, No. 5) 50 (5): 1089–1122. doi:10.2307/1911865. JSTOR 1911865.〕 mitigate the winner's curse. (Kwerel, 2004, p.xvii)〔Kwerel, Evan (2004), Foreword in Paul Milgromís Putting Auction Theory to Work, New York: Cambridge University Press, xivvñxxiv.〕 The result alluded to by Kwerel is known as the linkage principle and was developed by Milgrom and Weber (1982). (Milgrom (2004)〔Milgrom, Paul (2004). Putting Auction Theory to Work. Cambridge University Press. ISBN 0-521-53672-3.〕 recasts the linkage principle as the 'publicity effect.') It provided a theoretical foundation for the intuition driving the major design choice by the FCC between an ascending bid and sealed bid auction.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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