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A first-price sealed-bid auction (FPSBA) is a common type of auction. It is also known as blind auction. [1] In this type of auction, all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price that was submitted. [2]: p2 [3]
Online auctions often use an equivalent version of Vickrey's second-price auction wherein bidders provide proxy bids for items. A proxy bid is an amount an individual values some item at. The online auction house will bid up the price of the item until the proxy bid for the winner is at the top.
Dutch auctions are all sellers' bidding auctions, also known as silent auctions, which can be divided into two types. Manual silent auction is an early traditional form of price reduction auction, in which the auctioneer first publicly quotes the highest price, and then the bidders respond accordingly. In the event of a price that no one bids ...
Culcutta auction is a sequential auction, where the bidding for each contestant begins in random order, with only one contestant being bid upon at any time. [3] Accordingly, participants (originally in Calcutta, India , from where this technique was first recorded by the Colonial British ) bid among themselves to "buy" each of the contestants ...
For simplicity we look for SBNE in which each bidder bids times his/her signal: Xenia bids and Yakov bids . We try to find the value of r {\displaystyle r} in each case. In a sealed-bid second-price auction , there is a SBNE with r = 1 {\displaystyle r=1} , i.e., each bidder bids exactly his/her signal.
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In the first price auction, where the player with the highest bid simply pays its bid, if all players bid using a bidding function () = ( | ), this is a Nash equilibrium. In other words, if each player bids such that they bid the expected value of second highest bid, assuming that theirs was the highest, then no player has any incentive to deviate.
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