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Myself I was thinking it’d make sense with some variation of Dutch auction in rounds, where all participants in a round get the same price. What would you say t
by 3np 6y ago
Myself I was thinking it’d make sense with some variation of Dutch auction in rounds, where all participants in a round get the same price. What would you say the upside of VCG is? Dutch seems simpler and fair to me.
https://en.wikipedia.org/wiki/Dutch_auction https://en.wikipedia.org/wiki/Dutch_auction
- qsort 6y agoA Dutch auction is more or less strategically equivalent to a first-price, sealed-bid auction. The advantages of VCG over that would be: - it's easier to implement. Dutch is admittedly easier to understand, but with VCG your average buyer would only need to fill a box in a form. - there is provable dominance of truthful bidding There are also downsides, admittedly: - it doesn't maximize seller revenues - it doesn't work if all bidders collude (unlikely in this scenario) - a dishonest seller could use shill/fake bids to increase the going price
- philihp 6y agoCall me chaotic neutral, but an auction for a Penny Arcade convention should really be a penny auction.