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Antiquorum is an auctioneer of modern and vintage timepieces. Established in Geneva in 1974, Antiquorum was the first auction house to auction fine watches over the Internet in the 1990s. [1] The company was founded in Geneva in 1974 and expanded to have branches in ten cities, including New York, London, Moscow, Paris, Milan, Munich, Shanghai ...
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.
A Vickrey–Clarke–Groves (VCG) auction is a type of sealed-bid auction of multiple items. Bidders submit bids that report their valuations for the items, without knowing the bids of the other bidders. The auction system assigns the items in a socially optimal manner: it charges each individual the harm they cause to other bidders. [1]
The online auction house will bid up the price of the item until the proxy bid for the winner is at the top. However, the individual only has to pay one increment higher than the second-highest price, despite their own proxy valuation. [12] Open ascending-bid auctions (English auctions) are the oldest, and possibly most common, type of auction ...
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.
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.
Proxy bidding is an implementation of an English second-price auction used on eBay, in which the winning bidder pays the price of the second-highest bid plus a defined increment. It differs from a Vickrey auction in that bids are not sealed ; the "current highest bid" (defined as second-highest bid plus bid increment) is always displayed.
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]
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