Abstract: We study second-price auction in which bidders have asymmetric information regarding the item's value. Each bidder's value for the item depends on a private component and a public component. While each bidder observes their own private component, they hold different and asymmetric information about the public component. We characterize the equilibrium of this auction game and study how the asymmetric bidder information affects their equilibrium bidding strategy. We also discover multiple surprisingly counter-intuitive phenomena at the equilibrium. For instance, a bidder may be better off if she is less informed regarding the public component. Conversely, a bidder may sometimes be worse off if she was more informed. Our results illustrates that bidders do not necessarily benefit from obtaining more accurate estimation about the auctioned item, and demonstrate the intricate role that information asymmetry plays in an auction.