How clever fishermen outsmarted a uniform price auction | with Alex Teytelboym
Game Changer - the game theory podcast
00:00
How to Sell Multiple Units in a Competitive Market
When i enter the auction as a bidder, i tell my price for the different quantities. I just simply state the number i want to pay for the different quantity. And in the and there is a bit of math, everybody pays the same price for all the apples that are sold. So if you're lucky, there'll be much more demand thand supply, and there will be a price that will clear this market. Everyone whose bid is high enough above that market clearing price will pay that market clears price for every unit that they win.
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