Ascending Clock Auction
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- A group of bidders participates in an auction
- Current Price increases every few seconds
- At any point, you can choose to permanently leave the auction
- Auction ends when remaining bidders equals units for sale
- Final Price = Current Price when auction ends
- Remaining bidder(s) receive an item, pay Final Price
- Your screen displays:
- the range of possible bidder values for the item;
- your value for the item.
- To permanently leave the auction, press Leave
- For the winning bidder: Payoff = Value for the item - Final Price
- For all other bidders: Payoff = 0
| Payoff |
= |
Value |
– |
Final Price |
| $30 |
= |
$80 |
– |
$50 |