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Find a real example of an auction {other than the examples in the lecture slides), can be either online or offline. Describe, very shortly, the
Find a real example of an auction {other than the examples in the lecture slides), can be either online or offline. Describe, very shortly, the following design elements of the auction mechanism that is being used: a) Auction format (e.g. sealed bid ys. open-cry, single item ys. multiple items]. b) Pricing rule (e.g. first-price auction, second-price auction, pay-as-bid, GSP, VCG). c} Award procedure (e.g. highest bid awarded first, quality corrected, etc}. d) Finally, include also your own thought why an auction is used here. Write your answer directly to the text field below
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