Question
Answered step-by-stepAsked by ProfQuail2086 on coursehero.com
. 1. Which of the three following auctions, First-Price,...
Image transcription text
1. Which of the three following auctions, First-Price, Japanese, Second-Price, have dominant strategies in the case of
1 point
private values?
First-price (only, and not the other two)
Japanese (only, and not the other two)
Second-price (only, and not the other two)
Both First-price and Second-price
Both Japanese and Second-price
2. The second-price auction (with private values) is a special case of.?
1 point
O The Vickrey-Clarke-Groves mechanism
The Gibbard-Satterthwaite mechanism
The Borda mechanism
None of the above
3. Consider a first-price auction with 3 bidders with private valuations independently drawn from uniform [0,1]
1 point
distributions. Suppose they bid according to the symmetric Bayes-Nash equilibrium, and have realized valuations
of 0.2, 0.5, 0.9 respectively. Who wins and how much does she pay?
First bidder, 0.2
Second bidder, 0.2
Third bidder, 0.45
Third bidder, 0.5
Third bidder, 0.6
Third bidder, 0.9
4. Of the following auctions, which leads to the greatest expected revenue in the case of independent private values?
1 point
O (a) Dutch
(b) First-price
(c) Japanese
(d) second-price
O cand d
All of the above
Answer & Explanation
Solved by verified expertAnswered by chumness on coursehero.com
<p><strong>sectetur a</strong></p><p>sectetur adipiscing elit. Nam lac</p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac</p>sectetur adipiscing elit. Nam lacini
Unlock access to this and over
10,000 step-by-step explanations
Have an account? Log In
Step-by-step explanation
<p><strong>sectetur adipi</strong></p><p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapi</p>sectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue
Get unstuck with a CliffsNotes subscription
Unlock every step-by-step explanation, download literature note PDFs, plus more.Get Access