Common value auction Definition
A common value auction is a term in economics describing an auction in which the good being auctioned is valued the same by each participant. Note that this does not mean every participant knows the precise value of the item being auctioned, it just means that all participants neccessarily place the same value on the good being auctioned. For example, if a jar full of quarters is being auctioned off, all participants in the auction may have incomplete information as to the value of the jar of quarters, but it is still considered a common value auction since the jar will be worth the same amount to every participant in the auction.