The Revenue Equivalence Theorem states that any type of this satisfying risk neutrality and other assumptions are equal in terms of revenue produced.
The Revenue Equivalence Theorem states that any type of this satisfying risk neutrality and other assumptions are equal in terms of revenue produced. Arrow and Debreu showed that if agents' utility functions display convex preferences, then the Walrasian type of this will result in general equilibrium. Martin Shubik described one of these leading to a paradox in rational choice theory, named for a unit of currency. The combinatorial type of these involves arbitrary baskets rather than individual goods. The (*) Vickrey, or second-price, one of these forces rational participants to reveal their true value of the good. They are not often used for small purchases, probably because of their high transaction costs. Commonly used to sell art, FTP, identify this method of exchange in which buyers bid for goods.
The Revenue Equivalence Theorem states that any type of this satisfying risk neutrality and other assumptions are equal in terms of revenue produced.
{auction}s