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A form of a Japanese auction (which is a form of an English auction) in which bidders hold down a button as the auctioneer frequently increases the current price. Bidders irrevocably free the button when the current price surpasses their willingness to pay. The auction close when only one bidder remains and all others have released the button.
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Stanley is auctioning an item that he values at zero. Betty and Billy, the two potential buyers, each have independent private values which are drawn from a uniform distribution, P
(a) A player wins if she takes the total to 100 and additions of any value from 1 through 10 are allowed. Thus, if you take the sum to 89, you are guaran- teed to win; your oppone
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Combining Simultaneous and Sequential Moves The material in this chapter covers a variety of issues that require some knowledge of the analysis of both sequential- move
A bidding increment is defined by the auctioneer as the least amount above the previous bid that a new bid must be in order to be adequate to the auctioneer. For example, if the in
A type of auction in which the highest bidder is rewarded the object, but all bidders pay the auctioneer their bids. This differs from traditional first price auctions in which onl
A uniform worth auction may be a multiunit auction during which each winning bidder pays identical worth, which can or might not be equal to the participants' bids. Alternatively,
Assurance game Scenario "Assurance game" may be a generic name for the sport a lot of commonly called "Stag Hunt." The French thinker, Jean Jacques Rousseau, presented the subse
The following is a payoff matrix for a non-cooperative simultaneous move game between 2 players. The payoffs are in the order (Player 1; Player 2): What is the Dominant Strat
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