nims104

Which of the following statements is true?

a. A mineral rights auction is not the same as a common value auction.

b. An auctioneer is always indifferent between different kinds of auctions.

c. The Dutch and first-price, sealed-bid auctions are strategically equivalent.

d. An English auction always yields lower expected revenues than a second-price, sealed-bid auction.

Briefly describe the difference between the mechanism of an oral or English auction and a Vickrey or second price auction. Is there any difference between the winning bidders in the two auctions, and the winning payments made in the two auctions?

Suppose that three risk-neutral bidders are interested in purchasing a Princess
Beanie Baby. The bidders (numbered 1 through 3) have valuations of
$12, $14, and $16, respectively. The bidders will compete in auctions as described
in parts (a) through (d); in each case, bids can be made in $1 increments
at any value from $5 to $25.
(a) Which bidder wins an open-outcry English auction? What are the final
price paid and the profit to the winning bidder?
(b) Which bidder wins a second-price sealed-bid auction?What are the final
price paid and the profit to the winning bidder? Contrast your answer
here with that for part (a). What is the cause of the difference in profits
in these two cases?
(c) In a sealed-bid first-price auction, all the bidders will bid a positive
amount (at least $1) less than their true valuations. What is the likely
outcome in this auction? Contrast your answer with those for parts (a)
and (b). Does the seller of the Princess Beanie Baby have any clear reason
to choose one of these auction mechanisms over the othed
(d) Risk-averse bidders would reduce the shading of their bids in part (c);
assume, for the purposes of this question, that they do not shade at all.
If that were true, what would be the winning price (and profit for the
bidder) in part (c)? Does the seller care about which type of auction she
chooses? Why?

Matthew is considering selling a painting in an English auction. There are n  bidders whose valuations are distributed independently and uniformly on [vL,vU]. 

a. What is his expected payoff from the auction? 

b. A private buyer is willing to pay (vL+vU)/2. What is the minimum number of bidders required for Matthew to choose the auction rather than sell to the private buyer? (Assume Matthew is risk-neutral.)

Subject-civics

Writing Activity 13: "I claim the 5th."

Instructions: You've heard it stated, "I decline to testify on the basis of my Fifth Amendment right!" Write a paragraph that explains the meaning of this statement. Also, state under what kind of circumstances might this statement be made and why? (This will take a little internet searching. Use "key word--Fifth Amendment--as a starting point.) 

Subject-civics

Which one of the goals listed in the Preamble do you think is the most important and why? State the goal you've selected. Give examples to back up your opinion. In a couple of days then, come back to comment on a classmate's choice. State whether you agree or disagree with him or her. Explain why.

Subject- civics

What's Your Opinion? (choose one of the three)

• Do you agree or disagree with the following statements? Support your point of view.

(1) The ideals that are expressed in the Constitution are different from the ideals that shape our government today.

(2) If one branch of the government is more important than the other two branches, it should have more power.

(3) It is better for the government of a country undergoing change to write a new constitution rather than change its existing constitution.

Subject-civics

Identify and explain four of the six goals expressed in the American Constitution's Preamble for the American government system.

Subject-civics

Name and describe with some detail (at least three sentences each) the functions of each branch of the American government.

Subject-civics

"Debating the 2nd Amendment."

The debate over gun control and the "right to bear arms" has been one of the hottest constitutional debates ongoing over the past forty years. The assassinations of President John F. Kennedy, his brother, Senator Robert Kennedy, and civil rights activist, Martin Luther King became the modern "spring board" justifying gun control activists' arguments to illegalize the current right to own hand guns. There are many more notable and recent assassinations and assassination attempts intensifying the fervor of the argument. Opponents of gun control laws have equal justifications to match the arguments of the proponents.

Searching on the internet, you are to find both a pro and con argument supporting and rejecting gun control. You'll post both arguments as well as your own opinion about gun control. State how your opinion is in "alignment" with the rights guaranteed to all American citizens as stated in the 2nd Amendment.