06 - 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. *
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! *
Use at most 2 sentences.
What strategy should you use in a clock auction? *
Why is there more late bidding when using a hard closing rule as on eBay? *
Use at most 2 sentences.
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