The Economics of Auctions: Checkpoint 1

Quick checkpoint - five questions on the economics of auctions.

Question 1 of 5 In a second-price (Vickrey) auction, what does the winner pay?

Half their bid Their own bid Nothing The second-highest bid

Bidding true value is optimal.

Question 2 of 5 What is the winner's curse?

Bids are banned Winners tend to overpay when value is uncertain Losers pay more Winners get free items

Bid shading helps.

Question 3 of 5 Who won the 2020 Economics Nobel for auction theory?

Kahneman and Tversky Amartya Sen Paul Milgrom and Robert Wilson Friedman

Spectrum auctions.

Question 4 of 5 What did the Supreme Court do to 2G licences in 2012?

Sold them Extended them Cancelled 122 licences Doubled them

Auctions followed.

Question 5 of 5 What is a reverse auction?

Buyers bid the highest price Sellers bid to supply at the lowest price A tax auction A cancelled auction

Used in solar and procurement.

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