Nash Equilibrium: Illustrations - Auctions

6 important questions on Nash Equilibrium: Illustrations - Auctions

What are all-pay auctions?

Auctions where every bidder pays, not only the winner.

What are multiunit auctions?

More units of an object are available

What is an Uniform-price auction?

The price paid for each unit is the same, equal to the highest rejected bid among all the bids for all units.
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What is a Vickery Auction?

A bidder who wins k objects pays the sum of the k highest rejected bids submitted by the other bidders.

What is a first-price auction?

Both bids are made at the same time and the highest wins

What is a menu-auction?

When every group bids for every policy and the government chooses the highest bid for every policy

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