A Vickrey Auction Run

The Prompt

Run a sealed-bid second-price (Vickrey) auction with at least four bidders for a real or hypothetical item. Before revealing the result, ask each bidder whether they bid their true valuation. After the auction, explain to the participants why bidding truthfully is a weakly dominant strategy in a Vickrey auction. Record whether any bidder deviated from truthfulness and, if so, what they thought they were gaining.

Completion Criteria

The item auctioned, the number of bidders, the outcome, a note on whether bidders reported truthful bidding, and a brief account of the post-auction explanation.

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