This presentation discusses concepts of games- dominant strategy, perfect information, incomplete information and imperfect information. The theory of mechanism design (a field started in the 1960s) is a means of designing the rules of a game in a way so as to attain a desirable objective and was explained via First Price Sealed Bid auction and Second Price Sealed Bid auction, which are also excellent examples of imperfect information.
Finally, the expected revenue is found to be equal for both the kinds of auctions which is what the revenue equivalence theorem suggests, given certain assumptions.
Presented by Sonal Barve | Akshat Jain | Shubham Jain | Mentored By: Prachi Srivastava | Access link to the presentation files
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