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Under what circumstances are the auctions likely to lead to an 'efficient" price for the item being sold?
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- “While auctions are appealing in theory, the challenges of auction design in practice are insurmountable” discussIn 3 short paragraphs describe what advances in auction processes captured the Nobel Prize in econmics in 2020.PJ has been owning a City Golf, model 2004 for the past 15 years and now plans to sell it. Town auctioneers has offered to sell his car at their next auction. This is the first time PJ is hearing at an auction. PJ has approached you to explain to him what auction means and asked you if he should sell his car on auction or not. Briefly explain to PJ
- Consider the following situation: five individuals are participating in an auction for an old bicycle used by a famous cyclist. The table below provides the bidders' valuations of the cycle. The auctioneer starts the bid at an offer price far above the bidders' values and lowers the price in increments until one of the bidders accepts the offer. Bidder Value ($) Roberto 750 Claudia 700 Mario 650 Bradley 600 Michelle 550 What is the optimal strategy of each player in this case? Who will win the auction if each bidder places his or her optimal bid? If Claudia wins the auction, how much surplus will she earn?TRUE OR FALSE: In urban economics, the Nash equilibrium outcome is typically greater than the Pareto efficient outcome. What principle in urban economics can explain this?If A has TIOLI power in an exchange, which of the following are true? a. Person A will capture most or all of the gains from trade. b. Person B will lose utility compared to their initial endowment. c. A Pareto-efficient outcome is assured. d. Person B could gain utility if they agree to A's offer.
- Evolutionary game theory provides a framework for understanding the emergence of preferences and behavior. Why are theoretical methodologies that employ the rational actor model an evolutionary stable strategy for economists?See attachments for question context. Question: Some people advocated the following modifiction of the auction rule. A bidder cannot bid for only one object, i.e., if at some point in time he withdraws from the bidding race for one object, he automatically withdraws the race for the other object. Every other aspect of the auction, including how prices increase over time, does not change. What should a bidder do if his valuation for the two objects are 50 and 60, respectively? Explain. Does the auction lead to an efficient allocation? Explain.Rachel, Monica, and Phoebe are roommates; each has 10 hours of free time you could spend cleaning your apartment. You all dislike cleaning, but you all like having a clean apartment: each person’s payoff is the total hours spent (by everyone) cleaning, minus a number 1/2 times the hours spent (individually) cleaning.That is, ui(s1, s2, s3) = s1 + s2 + s3 -1/2si Assume everyone chooses simultaneously how much time to spend cleaning. a. Find the Nash equilibrium. b. Find the Nash if the payoff for each player is: ui(s1, s2, s3) = s1 + s2 + s3 − 3si Is the Nash equilibrium Pareto efficient? If not, can you find an outcome in which everyone is better off than in the Nash equilibrium outcome?
- Two parties, Juan and Ben, have been negotiating the purchase by Ben of Juan's car. Juan receives a new and higher bid for his car from Adriana. How might Adriana's bid change Juan and Ben's threat values? The threat values are unchanged. Juan now values the car at the price of Adriana's bid, her bid is his opportunity cost of selling the car to Ben, and that opportunity cost is Juan's new threat value. Juan's new threat value is the product of the difference between Ben and Adriana's offers and the probability the car will be sold to Adriana. Juan's threat value is unchanged, but Ben has to consider his new opportunity costIn game theory, what is a subgame? What is a subgame-perfect Nash equilibrium? If possible, could you please provide an example? Thank you!What is the Samuelson Rule? Why does the market outcome, based on the actions of rational, self-interested individuals will deviate from the results of the Samuelson Rule