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<p>[QUOTE=&quot;rrdenarius, post: 2674657, member: 75525&quot;]If you only want to read about coins, skip to the bottom and see a post of an interesting coin I won.</p><p>I buy most of my coins, and other numismatic toys, in auctions. This week I learned about Vickrey Auctions listening to one of my favorite radio shows: <b>Engines of Our Ingenuity</b>. Use the link below to read (or hear by clicking a link on that page) about several kinds of auctions.&nbsp; </p><p><a href="http://uh.edu/engines/epi2559.htm" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://uh.edu/engines/epi2559.htm" rel="nofollow">http://uh.edu/engines/epi2559.htm</a></p><p><br /></p><p>A Vickrey auction is used by several auction houses for e-auctions and pre-bids to floor auctions. In this kind of auction the bidder pays what the second highest bidder offered. It is named for Dr Vickrey who earned the 1996 Nobel prize in Economics for his work in game theory. (He died two days after receiving the award.) The $85 bid I just made in an electric auction shows as $75, or one increment above the last high bidder. Why this type of auction makes sense for both parties can be found here:</p><p><a href="https://www.quora.com/Game-Theory-Why-in-a-Vickrey-auction-does-one-pay-the-second-highest-price-and-not-his-price" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://www.quora.com/Game-Theory-Why-in-a-Vickrey-auction-does-one-pay-the-second-highest-price-and-not-his-price" rel="nofollow">https://www.quora.com/Game-Theory-Why-in-a-Vickrey-auction-does-one-pay-the-second-highest-price-and-not-his-price</a></p><p><br /></p><p>I decide what I will pay and bid at the last time I am awake before the auction bidding closes. I watch the live auctions where I want more than I can afford (all of the time). I have bid early in three current auctions, and have been told I am not the high bidder in one. </p><p>I won this coin last year below my max bid and below estimate. There is a long list of where I was second highest bidder.</p><p>[ATTACH]596334[/ATTACH] </p><p>If you want to, post your auction thoughts. (Or you might not want to give away your bidding secrets.)[/QUOTE]</p><p><br /></p>

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