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The Dynamic Pivot Mechanism
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DOI：10.3982/ECTA7260.png)
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Abstract
En 中文
We develop the dynamic pivot mechanism in detail for a repeated auction of a single object in which each bidder learns over time her true valuation of the object. The dynamic pivot mechanism here is equivalent to a modified second price auction.
Keywords:
Pivot mechanism
dynamic mechanism design
ex post equilibrium
marginal contribution
multiarmed bandit
Bayesian learning
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