ABSTRACT
This chapter looks at auctions through the lens of game theory, and then addresses how game designers have adapted and implemented auction structures for tabletop games. The branch of mathematics called Game Theory studies auctions extensively, and game designers can draw on a rich trove of auction types with widely varying dynamics. Multiple-lot auctions, simultaneous, or single-bid auctions, and auctions with substantial constraints on bidding amounts all help make auctions work better in the context of tabletop games. An important aspect of English Auctions, and auctions with auctioneers more generally, is to whom the closing price is paid. While many auctions feature the winning bid being paid to one of the players at the table, a true Closed Economy is relatively rare. Multiple-Lot Auctions are a fairly common type of auction in board games.
