Optimizing Auction Design: Timing Decisions in the Case of Insufficient Data
For more Science Videos: https://lt.org/ * Individuals and governments often do not have as much time or experience as they would like when they need to make a decision. In this video, SARAH AUSTER explores the mechanism by which such decisions are made. * Building a game theoretical model that draws on auction theory and decision theory, Auster’s work shows that certain forms of auction design favor the seller and that supplementary information provided to bidders can help to level the playing field. * Auster’s continuing research on timing decisions will examine the role played by degrees of certainty around the “stopping payoff”. This LT Publication is divided into the following chapters: 0:00 Question 1:54 Method 3:44 Findings 5:02 Relevance 6:20 Outlook