Search results
Results From The WOW.Com Content Network
Estimated value: US$3.064 million: The ... (4.532 g) gem. It is known for its former owner, ... where they each were raising the bid by $100,000 increments every 20 ...
Government e Marketplace (GeM) is an online platform for public procurement in India. [1] The initiative was launched on 9 August 2016, by the Ministry of Commerce and Industry, Government of India with the objective to create an open and transparent procurement platform for government buyers. [2]
The winner's curse is a phenomenon which can occur in common value settings—when the actual values to the different bidders are unknown but correlated, and the bidders make bidding decisions based on estimated values. In such cases, the winner will tend to be the bidder with the highest estimate, but the results of the auction will show that ...
Since most auctions involve at least some amount of common value, and some degree of uncertainty about that common value, the winner's curse is an important phenomenon. In the 1950s, when the term winner's curse was first coined, there was no accurate method to estimate the potential value of an offshore oil field. So if, for example, an oil ...
For premium support please call: 800-290-4726 more ways to reach us
In common value auctions the value of the item for sale is identical amongst bidders, but bidders have different information about the item's value. This stands in contrast to a private value auction where each bidder's private valuation of the item is different and independent of peers' valuations. [1]
Enjoy a classic game of Hearts and watch out for the Queen of Spades!
The highest bidder pays 1/2 of his/her bid. In effect, this variant simulates the Bayesian-Nash equilibrium strategies of the players, so in the Bayesian-Nash equilibrium, both bidders bid their true value. This example is a special case of a much more general principle: the revelation principle.