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Today’s topics

Today’s topics. Game Theory Normal-form games Dominating strategies Nash equilibria Acknowledgements Vincent Conitzer , Michael Kearns. 1 -item auction mechanisms. English (ascending-bid) auction : Each bid must be higher than previous bid Last bidder wins, pays last bid

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Today’s topics

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  1. Today’s topics Game Theory Normal-form games Dominating strategies Nash equilibria Acknowledgements Vincent Conitzer, Michael Kearns

  2. 1-item auction mechanisms • English(ascending-bid) auction: • Each bid must be higher than previous bid • Last bidder wins, pays last bid • Japanese auction: • Price rises, bidders drop out when price is too high • Last bidder wins at price of last dropout • Dutch(descending-bid) auction: • Price drops until someone takes the item at that price • Sealed-bid auctions (direct-revelation mechanisms): • Each bidder submits a bid in an envelope • Auctioneer opens the envelopes, highest bid wins • First-price sealed-bid auction: winner pays own bid • Second-pricesealed bid (or Vickrey) auction: winner pays second-highest bid

  3. Strategies in auction

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