13 Multiagent decision makingand Auctions

Question 1

English Auction
1- Auctioneer starts the bidding at ___ price
2- Bidders shout out ___ prices
3- At any given moment, the highest bidder is considered to have the ___
4- The standing bid becomes the winner if no competing bidder challenges the standing bid within a given ___

Answer 1

1- Starting
2- Ascending
3- Standing bid
4- Time frame

Question 2

Dutch Auction
1- The auctioneer starts a ___ at some ___ price
2- The price ___ at each time step until a bidder ___ the current ask price (by shouting)

Answer 2

1- Clock / high asking

2- Lowers / Accepts

Question 3

First-Price Auction
1- All bidders submit ___ bids ___
2- The highest bidder wins and pays the ___

Answer 3

1- Sealed / Simultaneously

2- Submitted price

Question 4

Second-Price Auction
1- All bidders submit ___ bids ___
2- The highest bidder wins and pays the ___ bid

Answer 4

1- Sealed / Simultaneously

2- Second highest