Essay question:
Identify four different types of private-value auctions and discuss their Pareto efficiency and profit maximising properties.
The Pareto efficiency refers to the property that the item auctioned is won by the bidder who values it the most and profit maximising means the seller receives the highest amount possible for the item being auctioned.
Then comment on the following statement with reference to real world examples:
“While auctions are appealing in theory, the challenges of auction design in practice are insurmountable”
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