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
if the first three words are "the boy''s down" what are the last three words?

Consider a game in which player 1 chooses rows, player 2 chooses columns and player 3 chooses matrices. Only Player 3''s payoffs are given below. Show that D is not a best response

The title of a "player" who selects from among her methods randomly, primarily based on some predetermined chance distribution, instead of strategically, primarily based on payoffs

(a) Equilibrium payoffs are (1, 0). Player A’s equilibrium strategy is S; B’s equilibrium strategy is “t if N.”   For (a): Player A has two strategies: (1) N or (2) S. P

Normal 0 false false false EN-US X-NONE X-NONE

Matching Pennies Scenario To determine who is needed to try to to the nightly chores, 2 youngsters initial choose who are represented by "same" and who are represented by "diffe

Suppose that the incumbent monopolist, in the previous question, can decide (before anything else happens) to make an irreversible investment in extra Capacity (C), or Not (N). If

Explain the financial system terms definitions. The Financial System Definitions: Wealth It is sum of Current Savings and Accumulated Savings Financial asset P

A type of initial worth auction during which a "clock" initially indicates a worth for the item for sale substantially beyond any bidder is probably going to pay. Then, the clock g

Something in a very game is Mutual information if all players realize it. A seemingly straightforward concept, mutual information is insufficient to research most games, since it's