auction design

Auction design involves creating the rules and structure of an auction to efficiently allocate resources or goods. It considers factors like how bidders place their bids, the timing, and the type of auction (e.g., ascending, descending, sealed-bid). Well-designed auctions aim to encourage honest bidding, maximize revenue for sellers, and ensure fairness. By carefully choosing rules, auction designers influence how participants behave and how the final outcome benefits all parties involved.