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The generalized second-price auction (GSP) is a non-truthful auction mechanism for multiple items. Each bidder places a bid. The highest bidder gets the first slot, the second-highest, the second slot and so on, but the highest bidder pays the price bid by the second-highest bidder, the second-highest pays the price bid by the third-highest, and so on.
Next, the total social value of the original auction excluding A's value is computed as $7 − $5 = $2. Finally, subtract the second value from the first value. Thus, the payment required of A is $6 − $2 = $4. For bidder B: Similar to the above, the best outcome for an auction that excludes bidder B assigns both apples to bidder C for $6.
In fact, we can use revenue equivalence to prove that many types of auctions are revenue equivalent. For example, the first price auction, second price auction, and the all-pay auction are all revenue equivalent when the bidders are symmetric (that is, their valuations are independent and identically distributed).
Second-price sealed-bid auctions (Vickrey auctions) which are the same as first-price sealed-bid auctions except that the winner pays a price equal to the second-highest bid. The logic of this auction type is that the dominant strategy for all bidders is to bid their true valuation. [10] William Vickrey was the first scholar to study second ...
The uniform-price auction does not, however, result in bidders bidding their true valuations as they do in a second-price auction unless each bidder has demand for only a single unit. A generalization of the Vickrey auction that maintains the incentive to bid truthfully is known as the Vickrey–Clarke–Groves (VCG) mechanism.
The stampede has resulted in some homeowners and property managers jacking up prices on short ... and interviews with real estate agents, ... through the Los Angeles area last week have consumed ...
On Sunday, Los Angeles County Sheriff Robert Luna said law enforcement has also received 16 reports of missing people since the fires erupted last week, adding that he expects the number to rise.
Multiple fires raging across the Los Angeles area will cost insurers as much as $30 billion, Wells Fargo and Goldman Sachs estimated in a report released this week. The ongoing fires, according to ...