Daily Auction: Difference between revisions
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The auction results are shown in [[Statistics]]. | The auction results are shown in [[Statistics]]. | ||
Unsuccessful auction bids, whether in credits or tags, are automatically refunded to players at the end of each [[Daily Auction]]. | |||
Additionally, for successful bids, any difference between your initial bid and the final bid amount will also be refunded. | |||
<h2>Auction Rules</h2> | <h2>Auction Rules</h2> | ||
Vickrey auction is also known as Second-price sealed-bid auction. None of the bidders know what the other is offering. The bidder with the highest price wins, but only pays the value of the next highest bid. The most important feature of these auctions is that each bidder's winning strategy is to bid according to their true valuation of the item; this auction mechanism is thus incentive-compatible. It is also a Pareto efficient allocation mechanism. | Vickrey auction is also known as Second-price sealed-bid auction. None of the bidders know what the other is offering. The bidder with the highest price wins, but only pays the value of the next highest bid. The most important feature of these auctions is that each bidder's winning strategy is to bid according to their true valuation of the item; this auction mechanism is thus incentive-compatible. It is also a Pareto efficient allocation mechanism. | ||
Revision as of 06:04, 23 June 2024
Auction resets every day at 16:00 UTC.
There are 4 groups of auctions: one group uses Credits for bidding, while the other three groups each accept different Holo-Tags as bidding currency.
Auction items may include, any virtual items, Virtual Resources or even NFTs
The auction results are shown in Statistics.
Unsuccessful auction bids, whether in credits or tags, are automatically refunded to players at the end of each Daily Auction.
Additionally, for successful bids, any difference between your initial bid and the final bid amount will also be refunded.
Auction Rules
Vickrey auction is also known as Second-price sealed-bid auction. None of the bidders know what the other is offering. The bidder with the highest price wins, but only pays the value of the next highest bid. The most important feature of these auctions is that each bidder's winning strategy is to bid according to their true valuation of the item; this auction mechanism is thus incentive-compatible. It is also a Pareto efficient allocation mechanism.