Vickrey Auction is a special type of silent auction in which the goal of the auction is to achieve the highest possible price for the seller by motivating bidders to bid truthfully. We explain below how the Vickrey auction differs from a standard auction where the highest bid wins and equals to the price paid. The highest bid wins in Vickrey auction as well, but the final price paid for the good is equal to the second highest bid. What are the benefits of this system and of the Vickrey auction? Read below.
Game Theory, or Theory of Games, is a branch of mathematical and economic analysis developed to study decision making in conflict situations. Game theory analyzes strategic interactions in which the outcome of one's choices depends upon the choices of others.
A prime number (often simply called a "prime" for short) is a natural number, a positive integer where p greater 1 that has no positive integer divisors other than 1 and p itself. More precisely, it has exactly two distinct natural number divisors.
In computing, the modulo operation, sometimes also called "remainder" or "rest", gives the remainder from a division. It finds the remainder of division of one number by another.
In general, when talking about arithmetic operations, we recognize the following operations:
Leonardo Fibonacci was an Italian mathematician born in the 12th century. He is known to have discovered the "Fibonacci numbers," which are a sequence of numbers where each successive number is the sum of the two previous numbers.