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A sequential auction is an auction in which several items are sold, one after the other, to the same group of potential buyers. In a sequential first-price
Sequential_auction
Form of bet
college basketball pools during March Madness. A Calcutta auction is a sequential auction in which the bidding for each contestant begins in random order
Calcutta_auction
Process of offering goods or services up for bids
French auction is a preliminary sealed-bid auction before the actual auction, whose reserve price it determines. A sequential auction is an auction where
Auction
Class of games where players choose their actions sequentially
illustrate how sequential games blend strategic depth with temporal dynamics. Simultaneous game Subgame perfect equilibrium Sequential auction Brocas; Carrillo;
Sequential_game
Auction priced by second-highest sealed bid
are unsure of their own valuations, without sequential auctions. The dominant strategy in a Vickrey auction with a single, indivisible item is for each
Vickrey_auction
Game illustrating paradox in rational choice theory
The dollar auction is a non-zero sum sequential game explored by economist Martin Shubik to illustrate how a short-sighted approach to rational choice
Dollar_auction
winning value of that buyer). In a sequential auction, m {\displaystyle m} items are sold in consecutive auctions, one after the other. The common equilibrium
Price_of_anarchy_in_auctions
Auction with one buyer and many potential sellers
A reverse auction (also known as buyer-determined auction or procurement auction) is a type of auction in which the traditional roles of buyer and seller
Reverse_auction
is also a parallel auction algorithm for weighted bipartite matching, described by E. Jason Riedy in 2004. The (sequential) auction algorithms for the
Auction_algorithm
Type of auction which begins with a high asking price, and lowers it
that type of auction, said to be a "Method of Sale not hitherto used in England", the auctioneer began with a high price that was sequentially reduced until
Dutch_auction
British economic journalist
in Oxford with his wife and three children. Harford, Tim (1998). Sequential auctions with financially constrained bidders. ox.ac.uk (MPhil thesis). University
Tim_Harford
Government auction of radio spectrum
accepted on all licenses in each round of the auction until bidding stops on every license. Each round of sequential bidding rounds is followed by the release
Spectrum_auction
Tendency to overestimate in auctions
The winner's curse is a phenomenon that may occur in common value auctions, where all bidders have the same (ex post) value for an item but receive different
Winner's_curse
Auction in which every bidder pays
In economics and game theory, an all-pay auction is an auction in which every bidder must pay regardless of whether they win the prize, which is awarded
All-pay_auction
strategy) a game can have any number of Nash equilibria. Sequential game: A game is sequential if one player performs their actions after another player;
List_of_games_in_game_theory
Economics measure of willingness to pay
Vickrey auction Incentive compatibility Becker GM, DeGroot MH, Marschak J (July 1964). "Measuring utility by a single-response sequential method". Behav
Becker–DeGroot–Marschak method
Becker–DeGroot–Marschak_method
Academic discipline
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Quantum_game_theory
American economist (born 1948)
together with Robert B. Wilson, "for improvements to auction theory and inventions of new auction formats". He is the co-creator of the no-trade theorem
Paul_Milgrom
Branch of game theory about two-player sequential games with perfect information First-price auction – Auction where all participants concurrently submit
Combinatorial_auction
Refinement of Nash equilibrium
Sequential equilibrium is a refinement of Nash equilibrium for extensive form games due to David M. Kreps and Robert Wilson. A sequential equilibrium
Sequential_equilibrium
Problem in process of sharing surplus
as a non-cooperative game. The most common form of such game is called sequential bargaining. A two-person bargain problem consists of: A feasibility set
Cooperative_bargaining
Condition in economics and game theory
market prices, their own utility and cost functions. In game theory, a sequential game has perfect information if each player, when making any decision
Perfect_information
Mathematical models of strategic interactions
insufficient for reasoning about sequential games; see subgame perfection. In short, the differences between sequential and simultaneous games are as follows:
Game_theory
Game whose outcome can be correctly predicted
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Solved_game
Logical paradox in decision-making theory
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Paradox_of_tolerance
American economist
OCLC 703744839. Richard Engelbrecht-Wiggans; Flavio M. Menezes (1993). Sequential auctions with continuation costs. Australian National University, Faculty
Richard_Engelbrecht-Wiggans
Level of information in economics and game theory
expectations about how those players will behave. A typical example is an auction: each player knows their own utility function (valuation for the item)
Complete_information
Game in economic experiments
Fudenberg, Drew; Tirole, Jean (1991-04-01). "Perfect Bayesian equilibrium and sequential equilibrium". Journal of Economic Theory. 53 (2): 236–260. doi:10
Ultimatum_game
Model of humans as rational, self-interested agents
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Homo_economicus
Standard example in game theory
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Prisoner's_dilemma
Game theory scenario
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Win–win_game
Decision rule used for minimizing the possible loss for a worst-case scenario
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Minimax
Situation where total gains match total losses
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Zero-sum_game
Military strategy during the Cold War with regard to the use of nuclear weapons
remedy Rule of law Management Arbitration Alternative dispute resolution Auction Conciliation Family therapy Mediation Party-directed Negotiation Nonviolent
Deterrence_theory
Concept in game theory
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Shapley_value
Branch of game theory about two-player sequential games with perfect information
of mathematics and theoretical computer science that typically studies sequential games with perfect information. Research in this field has primarily focused
Combinatorial_game_theory
Paper-and-pencil game for two players
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Tic-tac-toe
Economic model
in which the leader firm moves first and then the follower firms move sequentially (hence, it is sometimes described as the leader-follower game). It is
Stackelberg_competition
Experimental tool
is similar to the dictator game, but with an added first step. It is a sequential game involving two players, the trustor and the trustee. Initially called
Dictator_game
Complete plan on how a game player will behave in every possible game situation
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Strategy_(game_theory)
Making of satisfactory, not optimal, decisions
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Bounded_rationality
Search algorithm
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Alpha–beta_pruning
Concept in game theory
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Focal_point_(game_theory)
Solution concept in game theory
Revenue equivalence Border's theorem Applications Digital goods auction Knapsack auction Truthful cake-cutting Other topics Bertrand paradox Chainstore
Evolutionarily stable strategy
Evolutionarily_stable_strategy
Model of conflict for two players in game theory
combat. The war of attrition is an auction in which both players pay the lower bid (an all-pay second price auction). The bids are assumed to be the duration
Chicken_(game)
Game theory case weighing own/others' sacrifice
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Volunteer's_dilemma
Bidding less than an item is worth in an auction
In an auction, bid shading is the practice of a bidder placing a bid that is below what they believe a bid is worth. Bid shading is used for one of two
Bid_shading
Simple mathematical game
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Pirate_game
Representation of a game in game theory
each of player 2's strategies in this case. In order to represent this sequential game we must specify all of player 2's actions, even in contingencies
Normal-form_game
Situation where all parties are worse off
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
No-win_situation
Human behavior pattern in which the participant takes on increasing risk
investment rescue package for troubled company WeWork during 2019. The dollar auction is a thought exercise demonstrating the concept. After a heated and aggressive
Escalation_of_commitment
shorthand for SBB. A simple example of a WBB mechanism is the Vickrey auction, in which the operator wants to sell an object to one of n potential buyers
Budget-balanced_mechanism
Hand game for two players or more
the collection into separate auctions, Hashiyama asked the firms to decide between themselves who would hold the auction, which included Cézanne's Large
Rock_paper_scissors
Game class in game theory
the actions chosen by other players. Simultaneous games contrast with sequential games, which are played by the players taking turns (moves alternate between
Simultaneous_game
Israeli-American psychologist and economist (1934–2024)
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Daniel_Kahneman
Game where groups of players may enforce cooperative behaviour
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Cooperative_game_theory
Facilitating a peaceful outcome to a dispute
remedy Rule of law Management Arbitration Alternative dispute resolution Auction Conciliation Family therapy Mediation Party-directed Negotiation Nonviolent
Conflict_resolution
Combinatorial game theory theorem
For the purposes of the Sprague–Grundy theorem, a game is a two-player sequential game of perfect information satisfying the ending condition (all games
Sprague–Grundy_theorem
American information scientist and economic engineer
Eric (2016). "Exploring Bidder Heterogeneity in Multichannel Sequential B2B Auctions". MIS Quarterly. 40 (3): 645–662. doi:10.25300/MISQ/2016/40.3.06
Alok_Gupta
Weakly optimal allocation of resources
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Pareto_efficiency
English saying meaning "equivalent retaliation"
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Tit_for_tat
Decrease in severity of conflicts
remedy Rule of law Management Arbitration Alternative dispute resolution Auction Conciliation Family therapy Mediation Party-directed Negotiation Nonviolent
De-escalation
Game theory model of aggression
it an all-pay sealed-bid second-price auction). To see how a war of attrition works, consider the all pay auction: Assume that each player makes a bid
War_of_attrition_(game)
Pairing where no unchosen pair prefers each other over their choice
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Stable_matching_problem
Economic model of competition
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Bertrand_competition
Concept in conflict studies
remedy Rule of law Management Arbitration Alternative dispute resolution Auction Conciliation Family therapy Mediation Party-directed Negotiation Nonviolent
Conflict_escalation
Israeli psychologist (1937–1996)
Revenue equivalence Border's theorem Applications Digital goods auction Knapsack auction Truthful cake-cutting Other topics Bertrand paradox Chainstore
Amos_Tversky
Game theory concept
equilibrium concept, specifically designed for dynamic games where players make sequential decisions. A strategy profile is an SPE if it represents a Nash equilibrium
Subgame_perfect_equilibrium
highest price is selected. Discriminatory pricing can be implemented sequentially by ordering the prices in decreasing order and giving the item to the
Bayesian-optimal_pricing
Economist and winner of the 2020 Nobel Prize in Economics
management science and business economics. His doctoral thesis introduced sequential quadratic programming, which became a leading iterative method for nonlinear
Robert_B._Wilson
Field in social science
Revenue equivalence Border's theorem Applications Digital goods auction Knapsack auction Truthful cake-cutting Other topics Bertrand paradox Chainstore
Peace_and_conflict_studies
Season of television series
each season's episode list indicates the sequential order of that episode. 1 Barry forgot there was an auction in Cerritos before he came. 2 It was revealed
Storage_Wars_season_1
Resource distribution game
won by one or the other party. The same game also finds application in auction theory where bidders must make simultaneous bids. Several variations on
Blotto_game
Conflict between safety and cooperation
Revenue equivalence Border's theorem Applications Digital goods auction Knapsack auction Truthful cake-cutting Other topics Bertrand paradox Chainstore
Stag_hunt
Concept in game theory
is a term used in game theory and economics to describe a threat in a sequential game that a rational player would not actually carry out, because it would
Non-credible_threat
Solution concept of a non-cooperative game
include traffic flow (see Wardrop's principle), how to organize auctions (see auction theory), the outcome of efforts exerted by multiple parties in the
Nash_equilibrium
Solution to the fair division problem
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Moving-knife_procedure
Solution concept in game theory
history (on actions taken previously in the game). This is similar to a sequential game. The belief of a player in a given information set determines what
Perfect_Bayesian_equilibrium
Trigger strategy
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Grim_trigger
Game that repeats a base game
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Repeated_game
Process of reasoning backwards in sequence
of backward induction is used to compute subgame perfect equilibria in sequential games. The difference is that optimization problems involve one decision
Backward_induction
2026 Formula One car
more power while still complying with the FIA test. Unusually, McLaren auctioned the rights to an MCL40 with RM Sotheby's before the season began. The
McLaren_MCL40
In board games that cannot end in a draw, one of the two players has a winning strategy
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Zermelo's theorem (game theory)
Zermelo's_theorem_(game_theory)
Overuse of a shared resource
In simultaneous play, all people harvest at the same time, whereas in sequential play people harvest from the pool according to a predetermined sequence –
Tragedy_of_the_commons
Economic phenomenon
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Tyranny_of_small_decisions
conducted auctions to sell numbers. Currently, auctions are usually on Saturdays and sometimes on Sundays, and there are about two auctions per month
Vehicle registration plates of Hong Kong
Vehicle_registration_plates_of_Hong_Kong
Game theory concept
consisting of ballots to a winning candidate (the outcome). Similarly, an auction is a game form that takes each bidder's price and maps them to both a winner
Game_form
Variant of Nash equilibrium in game theory
equilibrium is also a sequential equilibrium. A normal-form trembling hand perfect equilibrium of an extensive form game may be sequential but is not necessarily
Trembling hand perfect equilibrium
Trembling_hand_perfect_equilibrium
Variation of minimax game tree search
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Negamax
Economic model
Revenue equivalence Border's theorem Applications Digital goods auction Knapsack auction Truthful cake-cutting Other topics Bertrand paradox Chainstore
Cournot_competition
Paradox of combining strategies
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Parrondo's_paradox
Preference of known risks to unknown risks
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Ambiguity_aversion
Israeli-American mathematician (born 1930)
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Robert_Aumann
Defunct British comic book convention
1999," Sequential Tart (May 1999). Jellinek, Anna. "Comics 2000: Lovely Bristols," Sequential Tart (May 2000). "Eagle Awards 2000: Sequential Tart Wins
Comic_Festival
Two-player coordination game in game theory
Revenue equivalence Border's theorem Applications Digital goods auction Knapsack auction Truthful cake-cutting Other topics Bertrand paradox Chainstore
Battle of the sexes (game theory)
Battle_of_the_sexes_(game_theory)
Finding an optimal algorithm for playing chess
Revenue equivalence Border's theorem Applications Digital goods auction Knapsack auction Truthful cake-cutting Other topics Bertrand paradox Chainstore
Solving_chess
Simultaneous game found in game theory
Revenue equivalence Border's theorem Applications Digital goods auction Knapsack auction Truthful cake-cutting Other topics Bertrand paradox Chainstore
Coordination_game
Political model of international conflict resolution
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Two-level_game_theory
Game theory concept
do not require infinite sequential calculations, which is typical of strategic thinking in repeated games. Infinite sequential calculations would arise
Bayesian_game
Hand game for two or more players
Outcome Perfect information Perfect recall Ply Preference Rationality Sequential game Simultaneous action selection Spite Strategic complements Strategic
Chopsticks_(hand_game)
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