I am really disappointed in you, gwern. Why would you use an English auction when you can use an incentive-compatible one (a second price auction, for example)? You’re making it needlessly harder for bidders to come up with valuations!
(But I guess maybe if you’re just trying to drive up the price, this may be a good choice. Sneaky.)
I am really disappointed in you, gwern. Why would you use an English auction when you can use an incentive-compatible one (a second price auction, for example)? You’re making it needlessly harder for bidders to come up with valuations!
(But I guess maybe if you’re just trying to drive up the price, this may be a good choice. Sneaky.)
Having read about auctions before, I am well-aware of the winner’s curse and expect coordination to be hard on bidding for this unique item.
Bwa ha ha! Behold—the economics of the damned.