3 ms·
multi-round or not, they should still be equivalent in expected revenue to VCG - no?
by whimsicalism 2y ago
multi-round or not, they should still be equivalent in expected revenue to VCG - no?
- JumpCrisscross 2y ago> multi-round or not, they should still be equivalent in expected revenue to VCG - no VCG is second price, so we're already in a sub-optimal regime with a first-price format. (All while illustrating why Vickrey auctions don't work with unsophisictated observers. Could you imagine the shitshow if The Onion won and then didn't have to pay their bid, but Jones's?) Given first price, I don't think the number of rounds is revenue equivalent.
- whimsicalism 2y agoi agree that if we are doing first price it is suboptimal auction