Chapter XIV
Auctions
0 of 5 lessons complete
About this chapter
Why auctions exist. First-price vs second-price (Vickrey). English vs Dutch. Revenue equivalence. The winner's curse.
What you will learn
- Compare first-price, second-price, English, and Dutch formats.
- Understand bid shading in first-price auctions.
- Apply the dominant-strategy property of Vickrey auctions.
- Grasp revenue equivalence at an intuitive level.
- Recognize and correct for the winner's curse.
Lessons
1.Why auctions?🔒
2.Sealed-bid first-price🔒
3.Sealed-bid second-price (Vickrey)🔒
4.English vs Dutch🔒
5.The winner's curse🔒