13. Auctions

Reading for Today

Central Idea: The big problem is to win the auction without paying more than the object is worth to you.

Antithesis: The big problem is to win the auction without paying much more than the next highest bidder.


Topics That Might be Discussed in Class

Terms. Private and Common Value Auctions, Open Cry vs. Sealed Bid Auctions, The Winner's Curse.
For Next Time

Additional Material

Return to the Thinking Strategically Home Page at http://pacioli.bus.indiana.edu/erasmuse/g570/g570.htm. Send comments to Prof. Rasmusen . Last updated: April 24, 2002.