← Back to overview

Auction setup

Truthful bidders: 4 Shade-up bidders: 3 Shade-down bidders: 3

Valuations & strategies

Valuation spread: ±$35 Shade-up amount: 20% above value Shade-down amount: 20% below value

Playback

Rounds per second: 4.0

Selected bidder (click a bar)

Bidder—

Strategy—

True value—

Sealed bid—

Wins so far—

Live auction

Round0

Winning strategy—

Winning bid—

Price paid (2nd bid)—

Avg utility per bidder / round

Truthful—

Shade-up—

Shade-down—

Each round every bidder draws a fresh private valuation from the same distribution and submits a sealed bid. The highest bid wins but pays the second-highest bid — the Vickrey rule. Because the valuation distribution is identical for every strategy group, the law of large numbers means the average utility per bidder converges to the true causal effect of the bidding strategy itself as rounds accumulate.