Counterspeculation auctions and competitive sealed tenders dating

Counterspeculation auctions and competitive sealed tenders dating

The substitutes condition is characterized

The substitutes condition is characterized in terms of a demand function. Suppose each bidder can propose one package and the auctioneer then uses those to form, say, an algebra of allowed packages before an auction is run. Most such papers involve more difficult and longer investigations that may develop into a doctoral thesis. The Vickrey auction is named after him.

Suppose each bidder

The theory was later partially put into action in London. Another kind of paper attempts to expand the theory. The revenue equivalence theorem remains the centrepiece of modern auction theory.