Auction theory is a type of applied game theory that is concerned with allocation of goods if valuation of the buyers for the goods are unknown.
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Discussion of and applet demonstrating the winner's curse. The applet allows one to try different bidding strategies, and simulates results, calculating expected payoffs.
Discussion of and applet demonstrating the winner's curse. The applet allows one to try different bidding strategies, and simulates results, calculating expected payoffs.
