It does not necessarily maximize seller revenues; seller revenues may even be zero in VCG auctions. If the purpose of holding the auction is to maximize profit for the seller rather than just allocate resources among buyers, then VCG may be a poor choice.
Can't see it catching on then :->
Sealed bids are a good way of doing it, certainly. And I can understand not wanting to put in your bid until the last minute, because that way you avoid a bidding war.
Oh, if only people _were_ the rational actors that economists like to model them as :->
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zvi and
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Date: 2008-10-20 09:48 am (UTC)Can't see it catching on then :->
Sealed bids are a good way of doing it, certainly. And I can understand not wanting to put in your bid until the last minute, because that way you avoid a bidding war.
Oh, if only people _were_ the rational actors that economists like to model them as :->