Third-Price Sealed Bid Auction

Related BrainMass Solutions

• Seven Major Auction Types

  Second-price sealed-bid auctions - which is like first-price sealed-bid auctions with the difference that the bid is given to the second-highest bidder. This auction is also called Vickrey auction. 6.

• Your company is bidding for a broadband spectrum license. Yo

  Second-price, sealed-bid auction. Given the scenario, for a second-price, sealed-bid auction, you would want to use a strategy of bidding your reservation price, since the highest bidder wins, but the price paid is the second-highest bid. b.

• second-price sealed bid auction-reserve price, true valuatio

  Show that, in a second-price sealed bid auction with private values, bidders bid their true valuations of the object for auction. 2. In a second-price sealed bid auction, there are 2 bidders.

• Dominant Strategy in English Auction

  Essentially, you want to place a bid at what the value of the good is to you. Follow up from the OTA: English auction is a kind of second price auction. Second price auction can be sealed-bid or open bid.

• Auction theory, Winner's Curse and revenue equivalence

  Example: Single item auction whose value to the bidders is not known with certainty in second-price sealed bid auction Each bidder bid will be based on his estimate, based on information available to him/her.

• An auction site that specializes in items of only one type, or from one industry, is called...

  Dutch Auction An auction where the price on an item is lowered until it gets its first bid, and then the item is sold at that price The U.S.

• English vs. Vickrey Auction

  All the bidders know each other at the time of auction (Harstad & Rothkopf, 2000). On the other hand, a Vickrey or second price auction is a sealed bid auction, which has some dissimilarity than English auction.

• Competitive Bidding Examples

  The rankings of the auction forms in terms of expected revenue are: English > second-price sealed bid > Dutch = first-price sealed bid. 6. a. This is an auction without price announcement.

• An oil painting by the late Carl Barks comes up for auction: Under an open-outcry, ascending-price auction, who will buy the painting? How much will they pay?

  Under a sealed-bid, first-price auction, who will buy the painting? How much will they pay? D. Collector F unfortunately passes away before the auction, leaving only five collectors to bid.