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Auction theory is a branch of applied economics that deals with how bidders act in auctions and researches how the features of auctions incentivise predictable outcomes. Auction theory is a tool used to inform the design of real-world auctions. Sellers use auction theory to raise higher revenues while allowing buyers to procure at a lower cost.
By now, it is a widely accepted view to analogize Malthusian growth in Ecology to Newton's First Law of uniform motion in physics. [8] Malthus wrote that all life forms, including humans, have a propensity to exponential population growth when resources are abundant but that actual growth is limited by available resources:
Malthusianism is a theory that population growth is potentially exponential, according to the Malthusian growth model, while the growth of the food supply or other resources is linear, which eventually reduces living standards to the point of triggering a population decline.
Growth like this is observed in real-life activity or phenomena, such as the spread of virus infection, the growth of debt due to compound interest, and the spread of viral videos. In real cases, initial exponential growth often does not last forever, instead slowing down eventually due to upper limits caused by external factors and turning ...
When the players' valuations are inter-dependent, e.g., if the valuations depend on some state of the world that is only partially known to the bidders (this is related to the Winner's curse). In this scenario, English auction generates more revenue than second-price auction, as it lets the bidders learn information from the bids of other players.
The Limits to Growth (LTG) is a 1972 report [2] that discussed the possibility of exponential economic and population growth with finite supply of resources, studied by computer simulation. [3] The study used the World3 computer model to simulate the consequence of interactions between the Earth and human systems.
Regularity, sometimes called Myerson's regularity, is a property of probability distributions used in auction theory and revenue management. Examples of distributions that satisfy this condition include Gaussian, uniform, and exponential; some power law distributions also satisfy regularity. [1]
The doubling time is a characteristic unit (a natural unit of scale) for the exponential growth equation, and its converse for exponential decay is the half-life. As an example, Canada's net population growth was 2.7 percent in the year 2022, dividing 72 by 2.7 gives an approximate doubling time of about 27 years. Thus if that growth rate were ...