In [...]auction (Vickrey auction), the bidder submitting the highest bid wins the item but pays the amount bid by the second highest bidder. In this type of auction, there is no reason for a bidder to bid less than his reservation price.
In [...]auction (Vickrey auction), the bidder submitting the highest bid wins the item but pays the amount bid by the second highest bidder. In this type of auction, there is no reason for a bidder to bid less than his reservation price.
In [...]auction (Vickrey auction), the bidder submitting the highest bid wins the item but pays the amount bid by the second highest bidder. In this type of auction, there is no reason for a bidder to bid less than his reservation price.
Answer
a second price sealed bid
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Open it In a second price sealed bid auction (Vickrey auction), the bidder submitting the highest bid wins the item but pays the amount bid by the second highest bidder. In this type of auction, there is
Original toplevel document (pdf)
owner: iamcfa - (no access) - 2015 CFA Level 1 Study Schweser Book 2 - Economics, p18
Summary
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not learned
measured difficulty
37% [default]
last interval [days]
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