we're gonna speak about some varieties 我们要谈一些品种
of auctions to get a sense for the 拍卖以了解
richness of the space because we often 空间的丰富性，因为我们经常
think about auctions about something as 考虑拍卖有关
something very specific but in fact 很具体但实际上
auctions are very broad an option is any 拍卖的范围很广
mechanism that allocates resources 资源分配机制
typically scarce resources among agents 代理商之间通常稀缺的资源
who have their own interests and we know 他们有自己的利益，我们知道
of many examples the governed sale of 在许多例子中，
whether the electric mech 是否电动
electromagnetic spectrum or mineral 电磁频谱或矿物
rights drilling rights for oil 石油开采权
what-have-you privatization of national 你对国民有什么私有化
assets those are all typically put to 这些资产通常都放在
bid in one way another stock markets are 以另一种方式出价
very famous to cited auction where there 非常有名的引用拍卖那里
are many buyers and sellers rfqs or 有很多买卖双方的rfqs或
requests for quotes are a standard 报价请求是标准
mechanism for a company or a government 公司或政府的机制
to solicit offers to supply them with 征求报价以向他们提供
goods or services at the most attractive 最具吸引力的商品或服务
terms these are called reverse auctions 这些术语称为反向拍卖
we already mentioned the FCC spectrum 我们已经提到了FCC频谱
auction by way of sale of national 通过国民拍卖的方式进行拍卖
resources real estate a sales are often 资源房地产销售经常
conducted on some kind of tender a bid 以某种形式进行招标
basis where multiple people offer make 多人提供的基础
offers and according to certain rules 报价并根据某些规则
and certainly consumer based reactions 当然还有基于消费者的反应
such as the ones conducted on eBay a 例如在eBay上进行的
very famous where everything from cars 非常有名的地方，一切都来自汽车
to to old CDs are are sold there are 到旧CD出售有
many other examples and we should bear 许多其他例子，我们应该承担
in mind that often the goods being sold 请记住，经常出售商品
or are not necessarily the standard once 或不一定是标准
you think of in options as a computer 您认为选项就像一台电脑
scientist I should point out many 科学家，我应该指出很多
applications of auction in competing 拍卖在竞争中的应用
environments so for example 环境，例如
firk bandwidth is a scarce resource and 发射带宽是一种稀缺资源，
there is an opportunity to auction off 有机会拍卖
the right to use bandwidth to highest 最高使用带宽的权利
bidders in advertising options famously 广告选择竞标者
on Google and other advertising 在Google和其他广告上
platforms advertisers bid for the right 平台广告商竞标权利
to present us with certain offers when 向我们提供某些优惠
you search for certain keywords or even 您搜索某些关键字，甚至
when we just browse certain web pages 当我们只浏览某些网页时
there are display advertising and they 有展示广告，他们
too are open for for a bid there are 也有公开招标
peer-to-peer networks and many other 对等网络和许多其他
applications in the computing 计算中的应用
environment so what are the kind of 环境，那是什么样的
auctions we see in fact the space of 拍卖实际上我们看到的空间
auctions is infinite here are some 拍卖是无限的，这里有一些
examples that begin to illustrate the 例子开始说明
richness of the space so we'll go over 空间的丰富性，我们将结束
those in in in order the English auction 那些以顺序进行的英语拍卖
the Japanese the Dutch the first price 日本人荷兰人第一价
sealed bid auction and the second price 密封投标拍卖和第二价格
sealed bid auction and finally the all 密封拍卖，最后全部
pay auction so let's go over those in 支付拍卖，让我们看看那些
turn the English auction is probably the 打开英语拍卖可能是
most familiar format this is the sort of 最常见的格式是
thing that in art auction houses I 在艺术品拍卖行中的东西
mekansm use they're so clear starts with mekansm使用它们是如此清晰，从
some initial price often called the 一些初始价格通常称为
reservation or the reserve price and 保留或底价和
bittering the auctions shot sending 痛苦的拍卖镜头发送
prices and at some point to stop 价格，并在某个时候停止
shouting the auctioneer may try to 大喊拍卖师可能会尝试
control them into sedition high prices 控制他们进入煽动高价
but at some point the nobody says 但在某个时候，没人说
anything at that point the option is 那时的任何选择
closed and the highest bidder wins the 关闭，最高出价者中标
good at that price the Japanese auction 以这样的价格，日本拍卖行
is a less common term but it's similar 是一个不太常用的术语，但类似
to the English auction in that it's an 参加英国拍卖会
open outcry auction and the price 公开竞价拍卖和价格
ascends except here is the auctioneer 上升，除了这里是拍卖师
that calls out the prices 喊出价格
whether explicitly or by some mechanism 无论是明确地还是通过某种机制
like a clock that just continuously 就像一个持续不断的时钟
Rises and I think of all the bidders as 上升，我认为所有投标者都是
being in to begin with there so standing 在那里开始如此站立
there and maybe the auction start is 在那里，也许拍卖开始是
zero dollars for a television and 电视机零美元，
everybody says I'm in and then the price 大家都说我进去了然后价钱
starts to rise slowly and at some point 开始缓慢上升，并在某个时刻
bidders decide the price is too high for 竞标者认为价格过高
them and they sit down they're out of 他们，他们坐下，他们走了
the auction and this is irrevocable once 拍卖，这是一次不可撤销的
they sit down they cannot stand back up 他们坐下来，他们不能站起来
and when you have only one bitter left 当你只剩下一个苦
standing they get the good at that at 站立时，他们擅长于
that price this is very similar to the 这个价格非常类似于
English auction it's a little easier to 英文拍卖更容易
analyze among other things because the 进行分析，因为
price does rise continuously and there 价格确实持续上涨，
you don't have what you call jump it 你没有你所谓的跳跃
where somebody certainly offers a price 肯定有人要价的地方
that's much higher than the current 远高于目前
price and and if you want to think about 价格，如果您想考虑
it in terms of a game representation you 就游戏表现而言，
can imagine that in the English auction 可以想象在英国拍卖中
at every point in the game you have many 在游戏的每个点上，您都有很多
branches corresponding to the different 对应于不同的分支
sort of increases or jump bids one could 可以提高或提高出价的一种方式
give whereas here the game evolves in a 给予，而游戏在这里发展
very you know in a single predictable 你知道一个单一的可预测的
way that is the auction that's often 这种方式通常是拍卖
called the Japanese auction and staying 叫日本拍卖行
on the international theme we have the 关于国际主题，我们有
doctor auction this is a more standard 医生拍卖这是更标准的
term and it's so called because this is 这个词之所以被称为是因为
in fact the mechanism but to this day is 实际上，直到今天的机制是
used in the Dutch flower market so how 用在荷兰花卉市场上
does the Dutch often work because this 荷兰人经常工作是因为
is a descending auction like in the 是像在
Japanese auction is the option ear that 日本拍卖是一种选择
calls out prices again whether 再次召集价格
explicitly or by a mechanism and in fact 明确地或通过某种机制，实际上
in the Dutch flower market it's a clock 在荷兰花卉市场上，它是一个时钟
that starts at that everybody can look 始于每个人都可以看
at the end starts at a high price and 最后以高价开始
gradually goes down 逐渐下降
at some point the bidder claims the the 在某些时候，投标人要求
the objects say the flower palette by 对象说出的调色板
shouting mine or as it's the case and 喊我的或者是这样
the Dutch flower market hitting a buzzer 荷兰花卉市场蜂鸣器
and when they get it they when they hit 当他们拿到时
it they get that good for that price so 他们以那个价格得到了那么好的，所以
you can think of it as a game of chicken 你可以把它当成鸡的游戏
obviously everybody would like to get 显然每个人都想得到
the good at the lowest possible price 以尽可能低的价格出售商品
but if they wait too long somebody could 但是如果他们等待太久，有人可以
beat them to the punch this is the Dutch 击败他们，这是荷兰人
auction 拍卖
moving on to sealed bid auctions we we 继续进行密封的竞标拍卖，我们
get off the international theme these 摆脱这些国际主题
are called sealed bid auctions because 之所以称为密封竞标拍卖，是因为
unlike the ones we discussed so far 不像我们到目前为止讨论的那样
there's no open house try but imagine 没有开放的房子尝试，但想像
that everybody writes a an offer a bid 大家写要约
on a piece of paper and seals it in an 在一张纸上并将其密封在
envelope and hands it the auctioneer and 信封并递给拍卖师，
the auctioneer opens the envelope at the 拍卖师在
same time and and then then decides what 同时，然后决定什么
the outcome of the auction is and here 拍卖的结果在这里
are two example of how this might happen 是两个例子说明如何发生
the most common auction is the first 最常见的拍卖是第一次
price auction or first price sealed bid 价格拍卖或第一价格密封投标
auction so in this case the auctioneer 拍卖，因此在这种情况下，拍卖师
fix the bidder with the highest price as 将出价最高的竞标者确定为
the winner and have them pay their price 获胜者并让他们付出代价
seems very straightforward and a very 看起来非常直接，非常
common mechanism second price auction is 共同机制第二价格拍卖是
almost the same it's again the highest 几乎一样，再次是最高的
person who bid who wins the auction but 竞标的人谁赢得了拍卖会，但
they don't pay what they wrote down they 他们不付写下来的钱
pay what the highest rejected bid or the 支付最高拒绝出价或
second highest bid is and you might 第二高的出价是
scratch your head for a moment to say 挠头说一句话
why would I want to do this for example 我为什么要这样做
if I want to maximize my revenue as a 如果我想最大化我的收入
seller surely I'd get less money if I 卖方如果我能肯定会少赚钱
did the second price but when you think 做了第二个价格，但是当你认为
about it the answer isn't so simple 关于它，答案不是那么简单
because by changing the rules the 因为通过更改规则
auction people would bid differently in 拍卖人在
fact there's a famous result called the 事实上，有一个著名的结果叫做
revenue equivalence theorem 收益等价定理
shows that under certain conditions many 表明在某些条件下
auction formats that look very different 看起来非常不同的拍卖形式
in particular the first and second price 特别是第一和第二价格
sealed bid auctions actually an 密封竞标拍卖实际上是
expectation fetch the same price here 期望在这里获得相同的价格
for variety it's a very different sort 种类繁多
of auction and it's the old pay auction 拍卖，这是旧的薪酬拍卖
and so you have a good for sale and oh 所以你有一个很好的销售哦
maybe the good is a maybe that good is a 也许好是一个
$20 bill now imagine that I auction off 20美元的钞票现在想象我在拍卖
this $20 bill and here are the rules if 这20美元的钞票，如果
you bid in the auction you can write 您在拍卖中出价可以写
down any amount you want and piece of 减少您想要的任何金额
paper and if you're the highest guy and 纸，如果你是最高的人，
at the highest guy will win the auction 最高的人将赢得拍卖
so if you write down $3 and if your 因此，如果您写下$ 3，
highest guy you'll get this $20 bill for 最高的人，你会得到这20美元的钞票
3 $3 if you lost you will still have to 3 $ 3如果您输了，您仍然必须
pay your bid right so that's why it's 正确支付您的出价，这就是为什么
called an all pay auction and now think 叫全薪拍卖，现在想
for a moment what would you bid in such 一会儿你会出价
an auction surely so tempting you want 拍卖肯定很诱人
to bid something would you bid at least 出价某物您至少会出价
$1 for the right to to win this $20 bill 1美元，可赢得20美元的钞票
what happens if this wasn't a sealed bid 如果这不是密封投标，会发生什么
auction but an ascending option and 拍卖，但选择权上升
people could bid $1 and then somebody 人们可以出价1美元，然后有人
could bid $2 how would you behave in 可以出价2美元，您的行为如何
this auction so we've seen several 这次拍卖，所以我们已经看到了几个
auction type now the English Japanese 拍卖类型现在为英文日文
the Dutch sealed bid auctions they all 荷兰人全部竞标
pay auction and this might suggests that 付费拍卖，这可能表明
to understand the space of auctions you 了解您的拍卖空间
should enumerate the different option 应该列举不同的选择
types and study them but in fact the 类型并研究它们，但实际上
space of auctions is infinite in an 拍卖的空间是无限的
option is simply a negotiation mechanism 选择只是一种协商机制
that is first market-based so that means 首先是基于市场的，这意味着
that there is some sort of rules that 有某种规则
govern it and typically involve 治理它，通常涉及
some sort of currency of the marketplace 某种市场货币
for example money it's mediated by a 例如金钱是由
central authority the auctioneer and it 中央拍卖行及其
has very well-defined rules that 有非常明确的规则
everybody goes by and everybody knows 每个人都经过，每个人都知道
that everybody goes by their common 每个人都遵循他们的共同点
knowledge and the three kind of rules 知识和三种规则
that we need to specify it in order to 我们需要指定它以便
specify an auction there are the bidding 指定一个拍卖会
rules there are the information rules 规则有信息规则
and are the market clearing rules and if 市场清算规则以及
you specify those you specify the 您指定那些您指定
auction so what we mean by bidding rules 拍卖，所以我们所说的竞标规则
we really mean who can bid when they bid 我们的意思是说谁可以出价
what they can bid and some restrictions 他们可以出价和一些限制
there are you know for example in an 你知道例如
ascendant we had bid auction I have to 上升，我们不得不进行拍卖
bid the current highest price in other 出价其他单位的当前最高价
auctions I have to bid my own price we 拍卖我必须出价自己的价格
may not allow people to bid arbitrarily 可能不允许人们任意竞标
high we will make with some budget 高，我们将用一些预算
constraints bids may have expiration 限制条件出价可能已到期
dates they may may be subject to 他们可能要遵守的日期
withdrawals or not and so on and so 是否提现等等
forth so these are all the bidding rules 就是这些，所有的竞标规则
very importantly are the information 非常重要的是信息
disclosure rules and for example in a 披露规则，例如
sealed bid auction we when I bid you 密封竞标拍卖，当我竞标时我们
don't see my bid but do you know that I 没有看到我的出价，但是你知道我吗
bid already that's a very important 出价已经非常重要
information from you do you know who are 来自您的信息，您知道谁是谁
the set of people who might be bidding 可能正在竞标的人
so information dissemination here is 所以这里的信息传播是
very critical to the market place and 对市场非常关键，
has to be explicitly specified and 必须明确指定
finally when all is said and done the 终于，当一切都说完了，
bidding is done based on information 根据信息进行投标
that agents do and don't have you need 代理商需要和不需要的
to clear the market and market clearing 清理市场和市场清理
rules are also multifaceted there's a 规则也是多方面的
questions of when to clear for example 例如何时清除的问题
you might clear the market 你可能会清理市场
many times if you have multiple Goods 如果您有多个商品很多次
you may clear the market once and 您可能会清除市场一次，
certain set of goods will be sold and 某些商品将被出售，
clear again and another set and so on 再次清除和另一组，依此类推
you might for example decide when to 例如，您可能决定何时
clear based on activities and so in some 根据活动明确，因此在某些情况下
of the online auctions you will see that 在网上拍卖中，您会看到
the auction ends at noon or after a 拍卖在中午或
periods of 10 minutes of inactivity that 闲置10分钟
is 10 minutes during which nobody place 10分钟内没有人放置
any bid whichever is later it's a very 任何出价，以较晚者为准
interesting market clearing rule so 有趣的市场清算规则
that's the - regarding the timing then 那是-关于时间
the allocation and the payment in other 分配和其他付款
words you've cleared the marketing to 您已清除行销的字词
say who got what who got for example in 说出谁得到了谁，例如
case of a single good who got the van 一辆面包车的单一商品的情况
Gogh and who pays what as we've seen may 梵高和谁支付我们所看到的可能
not only be the person of one who pays 不仅是付钱的人
for example in on all pay auction 例如在所有薪酬拍卖中
everybody who bid phase once we 每个竞标阶段的人
specified all of that we specify the 指定了所有我们指定的
auction and return 拍卖和退货