Question

In second priced auction, the item goes to the bidder but at the second highest bid's value is an example of?

Answer 1

Answer:

Thus it is a dominant strategy for a buyer to drop out of the bidding when the asking price reaches his or her valuation. Thus, just as in the Vickrey sealed second price auction, the price paid by the buyer with the highest valuation is equal to the second highest value.

Answer 2

Answer:

... To better satisfy consumers markets have learned to.the item goes to the bidder but at the second highest bid's value i