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- Linkage_principle abstract "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.".
- Linkage_principle wikiPageID "1792442".
- Linkage_principle wikiPageLength "11808".
- Linkage_principle wikiPageOutDegree "6".
- Linkage_principle wikiPageRevisionID "623792186".
- Linkage_principle wikiPageWikiLink Art_valuation.
- Linkage_principle wikiPageWikiLink Auction.
- Linkage_principle wikiPageWikiLink Auction_theory.
- Linkage_principle wikiPageWikiLink Category:Economic_theories.
- Linkage_principle wikiPageWikiLink Paul_Milgrom.
- Linkage_principle wikiPageWikiLink Robert_J._Weber.
- Linkage_principle wikiPageWikiLinkText "Linkage principle".
- Linkage_principle wikiPageWikiLinkText "linkage principle".
- Linkage_principle wikiPageUsesTemplate Template:=.
- Linkage_principle wikiPageUsesTemplate Template:Math.
- Linkage_principle wikiPageUsesTemplate Template:Multiple_issues.
- Linkage_principle wikiPageUsesTemplate Template:Mvar.
- Linkage_principle wikiPageUsesTemplate Template:Refimprove.
- Linkage_principle wikiPageUsesTemplate Template:Reflist.
- Linkage_principle wikiPageUsesTemplate Template:Underlinked.
- Linkage_principle subject Category:Economic_theories.
- Linkage_principle hypernym Finding.
- Linkage_principle type Disease.
- Linkage_principle type Ideology.
- Linkage_principle type Ideology.
- Linkage_principle type Redirect.
- Linkage_principle type Theory.
- Linkage_principle comment "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.".
- Linkage_principle label "Linkage principle".
- Linkage_principle sameAs Q6554344.
- Linkage_principle sameAs m.05xcwg.
- Linkage_principle sameAs Q6554344.
- Linkage_principle wasDerivedFrom Linkage_principle?oldid=623792186.
- Linkage_principle isPrimaryTopicOf Linkage_principle.