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Consider io auction formats to BUY (from bidders) a closed-bid first-price auction and an open-bid descending auction. Assume all bidders are ex-ante symmetric, and rational
Consider io auction formats to BUY (from bidders) a closed-bid first-price auction and an open-bid descending auction. Assume all bidders are ex-ante symmetric, and rational and sophisticated (ie, they will all bid "correctly"). Fill in the blanks to make the following statement generally correct. *The two auction formats would yield blank purchase prices for the buyer when used in a spectic auction, and would yield blank average purchase prices for the buyer ehen used in many auctions
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