A common value auction is an auction in which one objectively true value for a good exists, but information about that value is distributed across the population.

Name: A common value auction is an auction in which one objectively true value for a good exists, but information about that value is distributed across the population.
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In a common value auction, the value of the good is objectively true, but bidders may have different information about that value, which affects their bidding strategies.

A Common Value Auction Is an Auction in Which One