Imagine an auction mechanism that is just like an ascending-bid auction, except that at the end,...
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Imagine an auction mechanism that is just like an ascending-bid auction, except that at the end, the winning bidder, the one who bid bmaz, pays only bmar/2 rather than bmaa. Assuming all agents are rational, what is the expected revenue to the auctioneer for this mechanism, compared with a standard ascending-bid auction? Imagine an auction mechanism that is just like an ascending-bid auction, except that at the end, the winning bidder, the one who bid bmaz, pays only bmar/2 rather than bmaa. Assuming all agents are rational, what is the expected revenue to the auctioneer for this mechanism, compared with a standard ascending-bid auction?
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