I'm trying to create a mathematical model for the auction process in a card game called Pitch. The specific question I'm interested in solving is: Let $p_i$ represent the probability of a specific ...
I am trying to learn this new topic, Mechanism Design and stumbled upon the "Stanley Reiter" diagram (see the top-right side on the page). I have also learned that the Second Price Sealed Bid ...
This is a real life problem. A group of people meet once a week to play a game between two teams. Each round 2 people are randomly appointed captains. Each captain takes turns picking people to be on ...
Consider the following auction concept. I call it a "SUNK COST AUCTION" Each person bids, but you pay all of the money that you bid for every bid you make. So, if you bid \$1 that \$1 is gone, even if ...
Is there a known formula to calculate perceived value? If I am auctioning some popular product that is worth $100 (shelf price), how much would people bid if they: Have a 1 in ...