Two models of bid-taker cheating in Vickrey auctions
Article Abstract:
Vickrey auctions require bidders to proffer sealed bids. The person with the largest amount of bid emerges as the winner although the amount that he or she has to pay is not the amount that he indicated in the sealed bids but the level of bid of the second highest bidder. Despite its benefits, Vickrey auctions are not as popular as traditional first-price sealed bidding because of concerns about disclosure of private information and of aversion to cheating. Two models of bid-taker cheating are presented. In the first, referred to as the static, game-theoretic model, an honest bid taker will not elect a Vickrey auction. In the second, called the reputation-based model of repeated auctions, a trustworthy bid taker who cheats ultimately is left with a destroyed reputation and loses the trust on which Vickrey auctions rely on.
Publication Name: The Journal of Business
Subject: Business, general
ISSN: 0021-9398
Year: 1995
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New money is inflating suburban homes ... into full-fledged mansions
Article Abstract:
The recently rich are spending much of their fortunes on huge dream homes, both in America and abroad. The sprawling suburban home of a family in Austin, Texas features an exercise room, a media room, a kitchen with commercial-style appliances, and almost 100 windows. A family in Konstancin, Poland renovated a mansion that had been turned into apartments under Communist rule. It is now a 13-room home for the family of 5.
Publication Name: The New York Times Magazine
Subject:
ISSN: 0028-7822
Year: 1999
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New Images
Article Abstract:
Corning Glass has developed a photosensitive glass. This has high tech applications. In the process a photosensitive chemical is introduced into the glass.
Publication Name: Economist
Subject: Economics
ISSN: 0013-0613
Year: 1984
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