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Based on an auction system designed by the economist William Vickrey, the OpenIPO auction uses a mathematical model to treat all qualifying bids impartially. It is similar to the model used to auction Treasury bills, notes, and bonds. Just like in a typical auction, the highest bidders win in an OpenIPO auction, but there are important differences.
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 ...
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 structural elements of a bid are called designated attributes. Attributes may be verifiable, unverifiable, or auctioneer-provided. [5] If bids include a single quality, such as price, the auction is referred to as a single-attribute auction. Generally, bids are prices in English auctions, and confirmations in Dutch and Japanese auctions.
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]
A well-known special case is the Vickrey auction, or the sealed second-bid auction. Here, there is only a single item, and the set contains + possible outcomes: either sell the item to one of the agents, or not to sell it at all. In step 3, the winner agent is paid 0 (since the total value of the others is 0) and the losers receive a payment ...
The terms Vickrey auction and second-price sealed-bid auction are, in this case only, equivalent and used interchangeably. In the case of multiple identical goods, the bidders submit inverse demand curves and pay the opportunity cost. [4] Vickrey auctions are much studied in economic literature but uncommon in practice.
The more familiar the auction system is, the more situations where auctions are conducted. There are auctions for various things, such as livestock, rare and unusual items, and financial assets. Non-cooperative games have a long history, beginning with Cournot's duopoly model.