TOPIC: Outline the workings of the English (open-cry), Dutch (open-cry), First Price
Sealed Bid and Second Price Sealed Bid auction mechanisms and their
theoretical predictions for the private value auction case. Discuss, for the
private value auction case, the policy implications of choice of auction
mechanisms for governments as they seek to maximise revenue and / or
economic efficiency. Are the policy implications different for common value
auctions?
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