Comprehension Questions for Auction Theory
Please answer these questions concisely (ideally 1 sentence each).
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Name two nice properties of the second-price auction.
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Why do we need a different equilibrium concept for 1-st price auctions compared to 2nd-price auctions?
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When does a seller make more revenue? Using a 1-st price or a 2-nd price auction? Explain!
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What strategy should you use in an ascending clock auction and why?
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Why is there more late bidding when using a hard closing rule as opposed to a soft closing rule on eBay?
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