Auctions - optimal strategies under different rules in private value actions

7 important questions on Auctions - optimal strategies under different rules in private value actions

Describe an english auction

Ascending, each bidder is free to revise its bid upwards. He pays his price when nobody offers more

Describe open exit auction

In a price rising auction, payers show their willingness to pay by not dropping out

Describe the silent exit auction

The price rises continiously and people drop out but other players do not know this from each other
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Describe the ebay auction

Each bidder submits its bid cealing and the sellers rises the price accordingly

Describe the dutch auction

Descending, untill a player takes the price and he pays that price

Describe the first price auction

Each bidder submits one bid and  the player with the highest bid wins and pays his own price

The typical descending auction is strategically equivalant to

The first price auction

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