How clever fishermen outsmarted a uniform price auction | with Alex Teytelboym
Game Changer - the game theory podcast
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The Uniform Price Auction
Bidders were submitting very low bids for quantities that were dependent on different bidders. So their demand curve, if you can visualize this, looked sort of flat for a bit, and then suddenly dropped off and looked flat again. And so the question was, is this compatible with fishery economics? Is this kind of how a boat would typically have its cost structure look like? A lot of the boats had spare capacity, and there was no need for why they would have this extremely sharp drop off.
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