Appendix: Sealed bids can be used in multiple rounds. How is this ...

[schs14]

Appendix: Sealed bids can be used in multiple rounds. How is this done?
 a. The winner of the first round automatically wins all future rounds.
  b. The winner's price in the first round is the reservation price in the next round. If higher prices come in the next round, the highest price is the new reservation price for round three, and so forth.
  c. The second best price in the first round is the winner.
  d. Bidding continues in more and more rounds until someone yells uncle..

Question 2

More bidders increase the selling price at an oral auction because
 a. bidders bid more aggressively
  b. the true value of the winner is higher
  c. the true values of the losers is higher
  d. bidders shade their bids by less

[stillxalice]

Answer to Question 1

b

Answer to Question 2

c

[schs14]

Excellent

[at]

TYSM