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New Course
Concept
Revenue Equivalence Theorem
The
Revenue Equivalence Theorem
states that all
auction formats
yield the same
expected revenue
, provided certain conditions are met, such as bidders being risk-neutral, having independent and
private valuations
, and the auction being symmetric. This theorem is foundational in
auction theory
, highlighting that the
choice of auction format
does not affect the seller's
expected revenue
under these
ideal conditions
.
Relevant Degrees
Economic Theory and Concepts 70%
Operational Research 30%
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