VCG Flashcards
1
Q
Is bidding your true valuation a dominant strategy in a VCG auction?
A
Yes
2
Q
What is a VCG auction with only 1 item?
A
Vickrey auction
3
Q
Can the autiononeer know bidders true valuations?
A
No, they only know their bids
4
Q
Why is the VCG not really used?
A
Finding assignment that maximises social welfare is a very extensive process, whith potential for a gigantic number of possible assignments. We also need to ask bidders to submit a value function over a large number of possibilities.
