Auctions. Auction types: First price, sealed bid auction Second price, sealed bid auction English auction (ascending bid auction) Dutch auction (descending bid auction) Equivalence of: Second price, sealed bid and English auctions First price, sealed bid and Dutch auctions.
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Second price, sealed bid and English auctions
First price, sealed bid and Dutch auctions
Contrast with independent private value objects:
-private value: personal tastes determine valuation
-independent: a bidder’s taste/valuation does not depend on others’
-Often by winning an auction of this type, you have overbid and will pay too much.
-You should bid as if you have the highest estimate of the object’s value
-must be well organized
-need to identify bidders
-need to awarded item to a ring member
-need to split up profits
-sealed bid auctions
-withhold information on auction result