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Questions and Answers
In the US, the breakthrough success in auctions was the 1994 eBay spectrum auction designed by Milgrom & Wilson.
In the US, the breakthrough success in auctions was the 1994 eBay spectrum auction designed by Milgrom & Wilson.
False (B)
Cavinnash recently sold a Klagenfurt outdoor pool.
Cavinnash recently sold a Klagenfurt outdoor pool.
False (B)
Playing with bidding formats on eBay and Cavinnash platforms can help understand why second-price auctions are important.
Playing with bidding formats on eBay and Cavinnash platforms can help understand why second-price auctions are important.
True (A)
The text suggests that auctions are not important in today's economy.
The text suggests that auctions are not important in today's economy.
Marcus Licinius Crassus founded the first known fire brigade in Athens.
Marcus Licinius Crassus founded the first known fire brigade in Athens.
Crassus' fire brigade would extinguish the flames of a house only if the owner agreed to a selling price negotiated by Crassus.
Crassus' fire brigade would extinguish the flames of a house only if the owner agreed to a selling price negotiated by Crassus.
According to rumors, houses that Crassus was interested in caught fire relatively seldom.
According to rumors, houses that Crassus was interested in caught fire relatively seldom.
Auctions always consist of an allocation rule and a profit-sharing rule.
Auctions always consist of an allocation rule and a profit-sharing rule.
In auction theory, the expected second-highest bid is denoted by beta(v̄) = 50.
In auction theory, the expected second-highest bid is denoted by beta(v̄) = 50.
The revenue generated from the Second Price Auction (SPA) and First Price Auction (FPA) will always be different.
The revenue generated from the Second Price Auction (SPA) and First Price Auction (FPA) will always be different.
Auctions are commonly used because they allow the seller to negotiate bilaterally with the bidders.
Auctions are commonly used because they allow the seller to negotiate bilaterally with the bidders.
One of the reasons auctions are preferred in public procurement is to ensure speedy settlement compared to negotiations with multiple participants.
One of the reasons auctions are preferred in public procurement is to ensure speedy settlement compared to negotiations with multiple participants.
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