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Recently Posted Questions.
Suppose there are just two bidders. In a second-price, all-pay auction, the two bidders simultaneously submit sealed bids. The highest bid wins the object and both bidders pay the second-highest bid.Suppose there are just two bidders. In a …Read More »
Consider the following variant of a first-price auction. Sealed bids are collected. The highest bidder pays his bid but receives the object only if the outcome of the toss of a fair coin is heads. If the outcome is tails, the seller keeps the object and the high bidder’s bid. Assume bidder symmetry.Consider the following variant of a first-price auction. …Read More »