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1、201Acemoglu,Laibson,andList
2、MicroeconomicsChapter17AuctionsandBargainingQuestions1.Howdoesanauctionencouragebidderstorevealtheirprivatevaluations?Answer:Inanauction,bidderscompetetoobtaintheobjectthatisauctioned.Dependingontheauctiondesign,andhowmuchabidderwantstheobject,heorshewilleithercontinuebi
3、ddingordropout.Inthisway,wecanestimatetheprivatevaluationoftheobjecttothebidder.2.Whatisthedifferencebetweenanopenoutcryauctionandasealedbidauction?Answer:Inanopenoutcryauction,bidsarepublicandbidderscompeteactivelyagainstoneanother.Inasealedbidauctionbiddersplacetheirbidsprivatelyandsimultaneously
4、,sothatnobidderknowsthebidsotherhavesubmitted.3.WhatisanEnglishauction?Answer:AnEnglishauctionisanopenoutcryauctioninwhichthepriceincreasesuntilthereisonlyonestandingbid.Thatbidderwinstheitemandpayshisorherbid.4.Whatisthedominantstrategyforabidderinasealed-bidsecond-priceauction?Answer:Thedominants
5、trategyforabidderinasealed-bidsecond-priceauctionistobidhisorhervaluefortheobject.Thisisbecausebiddingabovethevalueexposesthebiddertolosseswithnogain,andbiddingbelowthevalueexposesthebiddertotheriskthatheorshedoesnotwinthegoodeventhoughitissoldbelowhisorhervalue.5.Whatismeantbysnipinginanauction?Do
6、esitmakesensetosnipetowinanauction?Answer:AuctionsthatareheldoneBayendatapre-specifiedtime.Thisleadstosniping–apracticewhereabidderplacesbidsatthelastpossibleminute,justbeforetheauctionends.Thisallowsthebiddertowintheauction,astheauctionendsbeforeotherbidderscanreact.Thereappearstobenostatistically
7、significantbenefittosniping.Researchhasshownthatthefinalpricesfortwoidenticalgoodswereapproximatelythesame,withsnipingandwithout.6.WhatisaDutchauction?Answer:ADutchauctionisanopenoutcryauctioninwhichthepricedecreasesuntilabidderstopstheauction;thatis,theauctioneerbeginsthebiddingatanofferpriceabove
8、anybidder’svalueandlowersthepriceuntilsomeonepurchasestheitem.Thefirstpersonwhobidswhoendstheauction,winstheitem,andpayshisorherbid.7.Whatismeantbyriskneutrality?©2015PearsonEducation,Inc.201Acemoglu,Laibso
