The Science of Networks 6.1 Today’s topics Game Theory Normal-form games Dominating strategies Nash equilibria Acknowledgements Vincent Conitzer, Michael.

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The Science of Networks 6.1 Today’s topics Game Theory Normal-form games Dominating strategies Nash equilibria Acknowledgements Vincent Conitzer, Michael Kearns

The Science of Networks item auction mechanisms English (ascending-bid) auction: –Each bid must be higher than previous bid –Last bidder wins, pays last bid Japanese auction: –Price rises, bidders drop out when price is too high –Last bidder wins at price of last dropout Dutch (descending-bid) auction: –Price drops until someone takes the item at that price Sealed-bid auctions (direct-revelation mechanisms): –Each bidder submits a bid in an envelope –Auctioneer opens the envelopes, highest bid wins First-price sealed-bid auction: winner pays own bid Second-price sealed bid (or Vickrey) auction: winner pays second- highest bid

The Science of Networks 6.3 Strategies in auction