Common value auctions - PowerPoint PPT Presentation

COS 444 Internet Auctions: Theory and Practice

COS 444 Internet Auctions: Theory and Practice. Spring 2010 Ken Steiglitz ken@cs.princeton.edu. The common-value model. All buyers have the same actual value, V . Buyers are uncertain about this value: thus not private values. Efficiency not relevant.

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Different Auction Institutions

Different Auction Institutions. English Auction– begin with lowest acceptable price and solicit higher bids until no more increases– then item is “sold.” Dutch Auction – auctioneer begins by asking a high price and gradually lowers the price until some bidder shouts “mine”.

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