A private value auction is an auction in which each person has a particular and possibly different value for the good being auctioned.

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In a private value auction, each person has their own individual value for the good being auctioned, which makes their bids based on their own personal preferences and valuations. This is in contrast to a common value auction where bidders have the same information about the value of the good being auctioned.

A Private Value Auction Is an Auction in Which Each