Toward a study of bidding processes part IV ‐ games with unknown costs

This paper represents a continuation of three previous papers [1‐.3] in the study of competitive bidding processes. It treats the case where a bidder's knowledge of his competitor's cost i s given by a probability distribution over a certain interval. The results obtained extend the work of Vickrey [4] to the case where the cost intervals a r e not necessarily symmetric.