Vickrey auction, Game Theory

 

A sealed-bid second worth auction during which participants every simultaneously submit bids. The auctioneer discloses the identity of the very best bidder who is said the winner. the value paid, however, is equal to the second-highest bid placed. This format is known as when William Vickrey who initial described it and found out that bidders have a dominant strategy to bid their true values. This auction format is usually strategically just like an English auction.

 

Posted Date: 7/21/2012 5:15:31 AM | Location : United States







Related Discussions:- Vickrey auction, Assignment Help, Ask Question on Vickrey auction, Get Answer, Expert's Help, Vickrey auction Discussions

Write discussion on Vickrey auction
Your posts are moderated
Related Questions
recently i joined a network marketing company called ebiz.com. am worried about its legality and functioning.. please help if netwok marketing works?

Players 1 and 2 are bargaining over how to split one dollar. Both players simultaneously name shares they would like to keep s 1 and s 2 . Furthermore, players' choices have to be

The">http://www.expertsmind.com/questions/green-beard-strategy-30135520.aspx The same questions on this link.

A game tree (also referred to as the in depth form) may be a graphical illustration of a sequential game. It provides data concerning the players, payoffs, strategies, and also the

In Bontemps, Louisiana there are only two places to spend time: Merlotte's bar and Fangtasia. Sookie and Eric have made plans to spend Friday night together, but they never decided

A pure strategy defines a selected move or action that a player can follow in each potential attainable state of affairs in a very game. Such moves might not be random, or drawn fr

The Prisoners’ Dilemma Game The idea that tacit cooperation can be sustained in an ongoing relationship is very simple and students easily accept it. The formal analysis

please compute this number 885 for the swertres lotto game.


Problem:-Two players take turns choosing a number between 1 and 10 (inclusive), and a cumulative total of their choices is kept. The player to take the total exactly to 100 is the