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by greattypo
5556 days ago
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More simply, in a second-price auction, there is 1 winner, and you clear at the 2nd highest bid. With 8 winners, they should be clearing at the 9th highest bid. Of course you don't have to do it this way, but it's the least game-able outcome. It's clear they had the second-price/Vickrey style in mind, and they came awfully close to getting it right. |
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