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- Asymmetric information: auctions and the winner's curse [Game theory]
- Polak, Ben
- Educação Superior::Ciências Sociais Aplicadas::Economia
- Educação Superior::Engenharias::Engenharia de Produção
- Presents part of course, Game theory , when Professor Polak discusses auctions. Makes a first distinguish two extremes: common values and private values. We hold a common value auction in class and discover the winner's curse, the winner tends to overpay. Discusses the four forms of auction: first-price sealed-bid, second-price sealed-bid, open ascending, and open descending auctions. Shows bidding strategies in each auction form for the case when values are private. Explores which auction forms generate higher revenues for the seller, but a proper analysis of this will have to await the next course
- Yale University, Open Yale Courses
- Educação Superior::Engenharias::Engenharia de Produção::Teoria dos Jogos
- Educação Superior::Ciências Sociais Aplicadas::Economia::Economia Geral
- To discuss and explain auctions, and its strategies
- Duration:1 h, 2 min, 28 s. To hear this resource its necessary the instalation of Quick time. Available at: <http://www.apple.com/pt/quicktime/>
- Yale University 2009. Some rights reserved. Unless otherwise indicated in the applicable Credits section of certain lecture pages, all content on this web site is licensed under a Creative Commons License. Please refer to the Credits section to determine whether third-party restrictions on the use of content apply
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