Week 6

Question 1

What are auctions? Where are they used?

Answer 1

Question 2

What are different types of auctions?

Answer 2

Question 3

What are different bidder valueations structures?

Answer 3

Question 4

What are Dutch and English auctions?

Answer 4

Question 5

What is a first-rpice sealed bid auction?

Answer 5

Question 6

What is a complete information auction? Why is there no Nash equilibrium in pure strategies?

Answer 6

Question 7

What type of game is a private values auction?

Answer 7

Question 8

What is the price you should bid in a private value auction according to the Bayes-Nash equilibrium

Answer 8

Question 9

What is the expected profit of a selling in a private valueation auction?

Answer 9

Question 10

What is the expected utility for every bidder in a private valueation auction? What is the welfare?

Answer 10

Question 11

What changes when a private auction now chooses the 2nd highest bid? (under complete information)

Answer 11

Question 12

What changes when a private auction now chooses the 2nd highest bid? (under private information)

Answer 12