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Level 13 · ◆◆◆ · ~12 min

The Four Formats

The Four Formats

"Four ways to sell the same thing, and the format alone changes what a rational bidder should do — which is why "what would you bid?" is never answerable until you ask how."

English (ascending) auctionDutch (descending) auctionfirst-price sealed bidsecond-price sealed bid (Vickrey)strategic equivalence between formats
🚀 You're jumping ahead. This builds on The Tree Showdown — but play it now and you'll still earn full XP. If it feels steep, those make a gentler on-ramp.

A short lesson, then a quiz. ❤️×3 — a wrong answer costs a heart; finish with at least one left and the level is yours. Lose all three and you'll have to try again. Replay any time — XP and cleared levels are never lost.