Why is it expressly more difficult to determine optimal bidding strategies with correlated values than with independent private values?

Bidders don't know their own valuations ,Bidders learn the valuation of others through the auction process ,Bidders don't know the valuations of others.

What are shill bidders?

Shill bidding is intentionally fake bidding by a seller on his/her own auction to inflate the final price.
This can be accomplished either by the seller himself/herself or by someone colluding with the seller to place fake bids on his/her behalf.

What is a ghost bidder?

Ghost bidding means an auction where sellers use memberships of people they know, or fake memberships they have created, to put false bids on auctions to increase the price of goods/property they are selling.

Why is bidding one's true valuation is the best strategy in the Vickrey auction?

Revenue equivalence of the Vickrey auction and sealed first price auction. and the buyer is not the current high bidder, it is more profitable to bid than to let someone else be the winner.
Thus it is a dominant strategy for a buyer to drop out of the bidding when the asking price reaches his or her valuation.

Learn more about shill bidders

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