Comprehension questions for Auction Theory
Please answer these questions concisely (1-2 sentences each).
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Name two nice properties of the second-price auction. *
Why do we need a different equilibrium concept for 1-st price auctions compared to 2nd-price auctions? *
When does a seller make more revenue? Using a 1-st price or a 2-nd price auction? Explain! *
What strategy should you use in an ascending clock auction and why? *
Which (sub-)section in the readings did you find difficult and/or did you not fully understand and/or would you like see covered in the lecture in detail. Be as specific as you like. *
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