Question
An auction with n bidders. Assume that v(j) is the valuation of bidder j b(k) is the bid price of bidder k. If there is
An auction with n bidders. Assume that
v(j) is the valuation of bidder j
b(k) is the bid price of bidder k.
If there is no two bidders bid the same price.
What is the utility payoff of each bidder in each type of auctions: English auction, Dutch auction, first price sealed-bid auction and second-price sealed-bid auction.
utility of bidder = private value - price to pay
utility of seller = selling price - private value
Here is the example answer as below (I am not sure it is correct or not):
In english Auction,if the valuation is v(j), the bid price is b(k). The utility of english auction is v(j)- b(k)
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