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Ans. (A)
- I would bid below $6000, this is because as i estimated to sell the ticket in $6000 so in order to get profit in it i should had bid below the selling price even there is chances that the price might have been gone higher then expectation , but by chance if the price have gone below the the expectation ,this would give minimum loss which will be what i am expecting.
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this is assuming youre taking part in a second price sealed
bid auction
c). You are...
Second Price sealed bid-auction: Assume n players are bidding in an auction in order to obtain an...
Second Price sealed bid-auction: Assume n players are bidding in an auction in order to obtain an indivisible object. Denote by vi the value player i attaches to the object; if she obtains the object at the price p her payoff is vi −p. Assume that the players’ valuations of the object are all different and all positive; number the players 1 through n in such a way that v1 > v2 > · · · > vn > 0....
Suppose you are a bidder in a first-price sealed-bid auction for a single object, where players...
Suppose you are a bidder in a first-price sealed-bid auction for a single object, where players submit bids simultaneously and the player who bid the highest wins the object and must pay his/her bid. Assume there are two other bidders, so this is a three-player game. You do not observe the valuations of the other bidders, but assume that you believe their valuations are identically and independently distributed according to a uniform distribution on the interval from 0 to 20....
After a first-price, sealed bid common values auction, John, another bidder, laughs at you becaus...
After a first-price, sealed bid common values auction, John, another bidder, laughs at you because you won the auction by bidding $100,000 and the average value of all the bids is only $70,000. The standard of deviation of the bids is $10,000. a. How is this the winner’s curse? Explain b. John claims that he is 100% certain you will find out soon that you overbid and the actual value will be less than $100,000. Can John be wrong? Explain.
Explain why a player in a sealed-bid, second-price auction would never submit a bid thatexceeds his...
Explain why a player in a sealed-bid, second-price auction would never submit a bid thatexceeds his or her true value of the object being sold. (Hint: What if all players submittedbids greater than their valuations of the object?)
Consider a second-price sealed-bid auction as the one analyzed in class. Suppose bidders' valuations are v1-10...
Consider a second-price sealed-bid auction as the one analyzed in class. Suppose bidders' valuations are v1-10 and v2=10. Select all that apply. a. Bidding a value b1 equal to her own valuation vy is a weakly dominated strategy for bidder D. Both bidders submitting bids equal to 10 is a Nash equilibrium. C. One bidder submitting a bid equal to 10 and the other submitting a bid equal to 0 is a Nash equilibrium. d. Both bidders submitting bids equal...
Three (3) bidders participate in a first price, sealed bid auction satisfying all the assumptions of...
Three (3) bidders participate in a first price, sealed bid auction satisfying all the assumptions of the independent private values model. Each knows his own value v ∈ [0, 1], but does not know anyone else's, and so must form beliefs. Suppose everyone thinks it is more likely a rival's value is high than low. Specifically, each player believes any other player's value is distributed on [0, 1] according to the cumulative distribution function F(v) = v3, and this is...
2. Second Price Auction& Google Search Auction (18 points) A. (11 points) There are two bidders,...
2. Second Price Auction& Google Search Auction (18 points) A. (11 points) There are two bidders, bidder 1 and bidder 2, bidding for one object. Their valuations of the object (vi, v2) are simultaneously submit their bidding prices (b, by The one with the higher price wins the auction and pays the loser's price, the second highest price. (In answering the questions below, no detailed explanations are needed and you just need to directly give the conclusion.) independent. Each one...
Winner’s curse ~ In auction bidding, the “winner’s curse” is the phenomenon of the winning bid...
Winner’s curse ~ In auction bidding, the “winner’s curse” is the phenomenon of the winning bid price being above the expected value of the item being auctioned. In a study, two groups of bidders were compared in a sealed-bid auction, super-experienced bidders and less-experienced bidders. In the super-experienced group, 28 of 189 winning bids were above the item’s expected value. In the less-experienced group, 33 of 149 winning bids were above the item’s expected value. We want to test to...
Suppose you are a bidder in a first-price sealed-bid auction for a single object, where players submit bids simultaneously and the player who bid the highest wins the object and must pay his/her bid. Assume there are two other bidders, so this is a three-player game. You do not observe the valuations of the other bidders, but assume that you believe their valuations are identically and independently distributed according to a uniform distribution on the interval from 0 to 20....
Consider a second-price sealed-bid auction as the one analyzed in class. Suppose bidders' valuations are v1-10 and v2=10. Select all that apply. a. Bidding a value b1 equal to her own valuation vy is a weakly dominated strategy for bidder D. Both bidders submitting bids equal to 10 is a Nash equilibrium. C. One bidder submitting a bid equal to 10 and the other submitting a bid equal to 0 is a Nash equilibrium. d. Both bidders submitting bids equal...
2. Second Price Auction& Google Search Auction (18 points) A. (11 points) There are two bidders, bidder 1 and bidder 2, bidding for one object. Their valuations of the object (vi, v2) are simultaneously submit their bidding prices (b, by The one with the higher price wins the auction and pays the loser's price, the second highest price. (In answering the questions below, no detailed explanations are needed and you just need to directly give the conclusion.) independent. Each one...
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