Vickrey Auction

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Truthful bidding is optimal strategy.

Full Definition

Truthful bidding is optimal strategy.

Keywords

second-price

Domains

Agents & Autonomy

Related Terms

Market Design related to

Designing efficient marketplaces.

 Coordination Failure related to

Agents fail to coordinate optimally.

 Emergent Competition related to

Competition arises without explicit design.

 Algorithmic Collusion related to

AI tacitly coordinating prices.

 Nash Equilibrium related to

No agent benefits from unilateral deviation.

 Pareto Optimality related to

No agent can improve without hurting another.

 Mechanism Design related to

Designing systems where rational agents behave as desired.

 Auction Mechanism related to

Rules governing auctions.

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