Auctions. What is an auction?. Much broader than the “common-sense” definition. eBay is only one type of auction. An auction is a negotiation mechanism where: The mechanism is well-specified (it runs according to explicit rules) The negotiation is mediated by an intermediary
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Homer: $5, Bart $3, Lisa $2
It is a dominant strategy for each agent to bid his/her
No change or loss
Homer wins and pays $3