Listen to the following podcast, Saving Birds with Economics https://www.npr.org/2021/07/22/1019488080/saving-birds-with-economics 1. Discuss the details of a...
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Listen to the following podcast, "Saving Birds with Economics" https://www.npr.org/2021/07/22/1019488080/saving-birds-with-economics 1. Discuss the details of a "reverse auction" and describe why they are well-suited for this particular type of auction. 2. Suppose this auction used a "second price" type of function. That is, the winner of the auction is the one that bids the lowest price, but they are paid the second lowest bid amount. Describe how bidding the lowest amount of money that a rice farmer would be willing to accept is a "Nash Equilibrium" bidding strategy "Guys. It's time for some game theory." Listen to the following podcast, "Saving Birds with Economics" https://www.npr.org/2021/07/22/1019488080/saving-birds-with-economics 1. Discuss the details of a "reverse auction" and describe why they are well-suited for this particular type of auction. 2. Suppose this auction used a "second price" type of function. That is, the winner of the auction is the one that bids the lowest price, but they are paid the second lowest bid amount. Describe how bidding the lowest amount of money that a rice farmer would be willing to accept is a "Nash Equilibrium" bidding strategy "Guys. It's time for some game theory."
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Details of a Reverse Auction and Its Suitability Reverse Auction Definition In a traditional auction buyers bid to obtain a product or service and the ... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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