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> The Sealed-Bid auction should generate a price that is greater than or equal to the English Open Cry in all situations. Do you have a source for this? I fin
by RobotToaster 2y ago
> The Sealed-Bid auction should generate a price that is greater than or equal to the English Open Cry in all situations.
Do you have a source for this? I find it hard to believe standard "English" auctions would be so popular if it was true.
- deleted 2y ago[deleted]
- tz18 2y agoParent commenter's description of the difference between an ascending bid auction and a second price auction (or Vickrey auction) is very confused. You can review the first chapter of "Mechanism Design and Approximation" for an introduction to auctions and proofs of the optimality of different auctions for different goals (e.g. the second price auction is proven to maximize social surplus): https://jasonhartline.com/MDnA/ https://jasonhartline.com/MDnA/