independent private values

Independent private values refer to situations where each person’s valuation or preference for something—like an item or service—is personal and unique, and these valuations are unaffected by others’ preferences. Additionally, each person's values are drawn independently from their own probability distributions, meaning one person’s valuation doesn't influence or depend on another’s. This concept is common in economic models, as it simplifies analysis by assuming individuals have private information about their preferences, which are independent of others’ information and valuations.