Construct · 1 fields · 1 citations

first-price auction: a standalone construct

One name. One construct. A landmark on the map.

● anchor · a standalone construct Nearest construct by meaning·not indexed

A single standalone construct; nearby constructs are located against it in the Collider. Tap a field for its definition, unit, and measures.

Mechanism design

sealed-bid auction in which the highest bidder wins and pays its own bid, leading bidders to shade bids below their values.

In mechanism design, first-price auction refers to sealed-bid auction in which the highest bidder wins and pays its own bid, leading bidders to shade bids below their values. This meaning comes from Vickrey (1961) in The Journal of Finance.[1]

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Nearby constructs

tender2 fields · 3 citationsjingle · one word, two constructs Vickrey auction1 fields · 1 citationsanchor · a standalone construct leading1 fields · 1 citationsanchor · a standalone construct

References

Vickrey, W. (1961). Counterspeculation, Auctions, and Competitive Sealed Tenders. The Journal of Finance, 16(1), 8-37. https://doi.org/10.1111/j.1540-6261.1961.tb02789.x

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