A second-price auction
a. is also called a Vickrey auction
b. is where bidders submit increasing bids until all but one remains
c. is where the sole remaining bidder wins and pays his winning bid
d. all of the above
a
You might also like to view...
Actual insurance premiums charged by insurance companies may exceed the actuarially fair rates because:
A) the insurance companies have monopoly rights issued by state regulators. B) the insurance companies are risk averse. C) there are administrative costs and other expenses that must be covered by the premia. D) insurance companies tend to over-state the risks they face.
A fundamental aspect of public goods is that they
A) are just like private goods EXCEPT that everybody wants to consume the same amount. B) have positive externalities. C) are characterized by the principle of rival consumption. D) can be consumed jointly by many people simultaneously.