How clever fishermen outsmarted a uniform price auction | with Alex Teytelboym
Game Changer - the game theory podcast
00:00
Using a Payer's Bid Auction?
If you are in a very competitive environment or have control of supply, it's perfectly oca to use the uniform price auction. It is very difficult to collude in a payers bid auction. And if you try and do it, it might be very costly. So basically not worth it. But i'm not trying to rule it out for everything,. There's work i've done where i suggested it as the format to be used. The bidding was actually particularly entertaining, but in part because one of the bidders misread the auction instructions and ended up submitting a bid that was a thousand times lower than what they intended. We were very lucky to observe it in practice.
Transcript
Play full episode
