Auction Theory
1.2 Vickrey (Second-Price) Auction In a Vickrey, or second price, auction, bidders are asked to submit sealed bids b 1,...,bn. The bidder who submits the highest bid is awarded the object, and pays the amount of the second highest bid. Proposition 1 In a second price auction, it is a weakly dominant strategy to bid one’s value, bi(si)=si. Proof.
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