Bid Sensitivity in the Structure of the Vickrey Auction

A research study explored a version of economist W. Vickrey's second-price, sealed-bid auction used for the valuation of nonmarket goods. The sensitivity of revealed values generated by this variation were examined. A standard second-price auction with repeated market trials was compared to a random nth-price auction and a combinatorial private-collection auction with sequentially-revealed values. Results showed the consistency of revealed values in a low probability risk scenario.