Author Question: Which auction format generates the most revenue for the seller? a. First price. b. Second price. ... (Read 147 times)

luminitza · **on:** Jul 1, 2018

Which auction format generates the most revenue for the seller?
a. First price.
b. Second price.
c. They generate the same expected revenue.
d. Depends on the environment.

Question 2

Concerning auctions, what is the definition of a common-values setting?
a. Bids are submitted using open outcries.
b. Bids are submitted simultaneously, and the highest is selected as the winner.
c. Bidders value the object the same, but are uncertain as to what that value is.
d. Bids are submitted by syndicates of cooperating bidders.