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Google Wave Invite & Auction Experiment


Oct 14 2009, 05:23 AM (Post #1)
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So on the first day of my econ class, we proved that the optimal bidding strategy in a sealed-bid second-price auction with reserve price is to bid your true value—for example, if the bid were for a car, you would bid your true net value for the car.

So in the spirit of that, I am auctioning off one Google Wave invite to the highest bidder, for the second highest bid (only in zeny). I don't really care about my zeny anymore (I earn more on interest a day than I can spend), but am interested in everyone's participation.

PM me your bid, and post here (Not your bid)

Reserve price: 100,000 zeny.
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Oct 14 2009, 12:16 PM (Post #2)
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QUOTE (Jinghao @ Oct 14 2009, 12:23 AM)
So on the first day of my econ class, we proved that the optimal bidding strategy in a sealed-bid second-price auction with reserve price is to bid your true value—for example, if the bid were for a car, you would bid your true net value for the car.

So in the spirit of that, I am auctioning off one Google Wave invite to the highest bidder, for the second highest bid (only in zeny). I don't really care about my zeny anymore (I earn more on interest a day than I can spend), but am interested in everyone's participation.

PM me your bid, and post here (Not your bid)

Reserve price: 100,000 zeny.
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Nice, we did that in my game theory class a couple weeks ago. What is this for though? As much as I want to watch the hour and a half long video on their site, you can probably sum it up better.
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Oct 14 2009, 02:07 PM (Post #3)
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alright, I bid.
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Oct 14 2009, 05:29 PM (Post #4)
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QUOTE (Derp @ Oct 14 2009, 04:16 AM)
Nice, we did that in my game theory class a couple weeks ago. What is this for though? As much as I want to watch the hour and a half long video on their site, you can probably sum it up better.
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What's Google Wave for? It's basically their experiment at "next-generation communication platforms". It's kind of like a super-powerful Gmail that functions as a Wiki, chat, and other stuff. You gotta try it out to see.
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Oct 14 2009, 05:30 PM (Post #5)
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Just a reference of how much these guys go for on Ebay:

http://cgi.ebay.com/Google-Wave-Invite-Ins...=item4ceb793231

It's going to fall a lot in the next few days as everyone posts their invites on Ebay.
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Oct 14 2009, 08:32 PM (Post #6)
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well, I bid, hope I win.
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Oct 15 2009, 05:11 AM (Post #7)
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I already have an invitation... not like i have the money for your outrageous reserve, anyway =P
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Oct 15 2009, 05:32 AM (Post #8)
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How do I have any money anyway?
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Oct 15 2009, 05:36 AM (Post #9)
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QUOTE (Loli-Pop @ Oct 14 2009, 10:11 PM)
I already have an invitation... not like i have the money for your outrageous reserve, anyway =P
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I want an invite!
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Oct 15 2009, 06:28 AM (Post #10)
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QUOTE (Derp @ Oct 14 2009, 04:16 AM)
Nice, we did that in my game theory class a couple weeks ago. What is this for though? As much as I want to watch the hour and a half long video on their site, you can probably sum it up better.
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I forgot, did you study the revenue-maximizing auction where each person has an individual reserve price determined by how much money he is willing to pay? ssmile.gif
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Oct 16 2009, 12:50 PM (Post #11)
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I took a guess what keese bid then made my bid o.gif
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Oct 16 2009, 04:17 PM (Post #12)
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QUOTE (Jinghao @ Oct 15 2009, 01:28 AM)
I forgot, did you study the revenue-maximizing auction where each person has an individual reserve price determined by how much money he is willing to pay? ssmile.gif
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Yeah, but briefly, we didn't go into much detail, just proved what the optimal strategy is, then some retard in the class brought up the "What if you bet $1,000,000,000,000" thing, so the professor had to waste another 10 minutes explaining what the problem was to him. That was about the extent of it.
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Oct 16 2009, 05:12 PM (Post #13)
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Maybe I should up my bid. Hrm.
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Oct 16 2009, 05:20 PM (Post #14)
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QUOTE (Derp @ Oct 16 2009, 08:17 AM)
Yeah, but briefly, we didn't go into much detail, just proved what the optimal strategy is, then some retard in the class brought up the "What if you bet $1,000,000,000,000" thing, so the professor had to waste another 10 minutes explaining what the problem was to him. That was about the extent of it.
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Ha, what a retard. The optimal strategy in the revenue-maximizing system or the socially-optimal system? Did you study the VCG or AGV mechanisms for public resource allocation?

QUOTE (Heartless Krab @ Oct 16 2009, 09:12 AM)
Maybe I should up my bid. Hrm.
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Bid your true value. That's your optimal strategy
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Oct 16 2009, 06:44 PM (Post #15)
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My true value is lower than your reserve. If I wanted to be an a*shole, I'd bid more than keese has.
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