Asked by Grace Arendt on Mar 10, 2024
Verified
A Vickery auction is
A) Strategically equivalent to an English auction
B) Does not need to have bidders show up at the same time or place
C) All of the above
D) None of the above
Strategically Equivalent
Referring to actions, tactics, or strategies that yield the same outcome or effect, despite differing in approach.
English Auction
A bidding process where the price ascends and the highest bidder wins, commonly used in selling art, antiques, and collectibles.
- Comprehend the fundamental principles and varieties of auctions.
- Differentiate the tactical approaches to bidding in first-price auctions from those in second-price auctions.
Verified Answer
DG
DAKODA GROVEMar 10, 2024
Final Answer :
C
Explanation :
A Vickery auction is strategically equivalent to an English auction, in that the winner pays the second-highest bid. However, unlike an English auction, bidders do not need to show up at the same time or place. Therefore, both statements in options A and B are correct, making option C the correct answer.
Learning Objectives
- Comprehend the fundamental principles and varieties of auctions.
- Differentiate the tactical approaches to bidding in first-price auctions from those in second-price auctions.