Say that you are bidding in a sealed-bid auction and that you really want the item being
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Say that you are bidding in a sealed-bid auction and that you really want the item being auctioned. Winning it would be worth $250 to you. Say you expect the nexthighest bidder to bid $100.
a. In a standard “highest-bid” auction, what bid would a rational person make?
b. In a Vickrey auction, what bid would he make?
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a In a standard highestbid auction a rational person would aim to bid an amount slightly higher ...View the full answer
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