Dear all, Our next seminar speaker at CEU is Antonio Rosato (Deakin Business School in Melbourne). You are all cordially invited to his in-person seminar. Time and venue: May 20, Wednesday, 11.15am - 12.30pm, QS B-505, at CEU (51 Quellenstrasse, 1100 Vienna) Seminar Title: "A Winner’s Blessing? Inferential Naivety in English Auctions with Interdependent Values". Abstract: With interdependent values, English auctions can aggregate dispersed information as active bidders infer their rivals’ signals from observed dropouts, thus mitigating the winner’s curse. I study what happens when bidders do worry about the winner’s curse, but wrongly believe that rivals bid solely based on their private information, neglecting that their exits also embed information from earlier dropouts. This inferential naivety creates a winner’s blessing: bidders under-infer from dropout prices, bid too cautiously, and the winner pays less than under correct inference. With independent signals, this breaks revenue equivalence. Under affiliation, inferential naivety can overturn the linkage principle. Speaker's website: https://sites.google.com/site/rosatoeconomics/ Registration, till 12pm, the day before the seminar, is required at: https://forms.office.com/pages/responsepage.aspx?id=E1nE2VN24kuSC72wOGOBhDPxLiYqs2FKjgPAVi1DSIpUQUtVN1BQTkxRR0FTQTBESDBBSU1DSDRNUS4u&route=shorturl With questions, please contact the CEU seminar organizer, Timea L. Molnar, at molnartl@ceu.edu.