COS 444 Internet Auctions: Theory and Practice

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Presentation transcript:

COS 444 Internet Auctions: Theory and Practice Spring 2008 Ken Steiglitz ken@cs.princeton.edu week 6 1a

Assignment 3: discussion 3.1 Techniques for average-of-other auction 3.2 Best response 3.3 How can we encourage (subsidize?) early entry? week 6

Early bidding equiibrium? Rasmusen 06: bidder 1 is uncertain of value, can pay cost c to discover; bidder 2 is certain of value 1 starts with low bid 2 bids early to signal if his value is high 1 pays to discover her value on signal …Do you believe this? week 6

Theory: Revenue equivalence II We derive Revenue in second-price auctions Revenue in first-price auctions week 6