Optimal auction bid
auction_bidThe optimal bid when you're bidding in an auction — free, no account or key needed.
USE THIS WHEN: you're a bidder and want the bid that maximizes your expected surplus without overpaying. NOT for running an auction (use auction_reserve) or 1:1 haggling (use negotiate).
Provide: auction_format ("first_price" sealed bid, "second_price_vickrey", or "english_ascending"); my_valuation (what the item is worth to YOU, in $); n_competing_bidders (how many OTHER bidders, not counting you); and competitor_value_prior — a rough model of what rivals will pay, e.g. {"family":"uniform","params":{"low":0,"high":6000}} (or {"family":"lognorm","params":{"mu":8.5,"sigma":0.4}}). Estimate it if unknown. Returns {optimal_bid, expected_surplus, win_probability, dominant_strategy, rationale} — bid and surplus in the SAME $ you passed in.
Example: a domain worth $5,000 to you, 4 rivals who'd pay up to ~$6,000, in a sealed first-price auction -> auction_bid(auction_format="first_price", my_valuation=5000, n_competing_bidders=4, competitor_value_prior={"family":"uniform","params":{"low":0,"high":6000}}) -> optimal_bid ~$4,000, win_probability ~0.48.
Input Schema
| Name | Required | Description | Default |
|---|---|---|---|
| my_valuation | Yes | What the item is worth to YOU, in dollars. | |
| reserve_price | No | The auction's reserve/minimum bid in dollars, if any (optional). | |
| risk_aversion | No | Your risk aversion; 1.0 = risk-neutral (default 1.0). | |
| auction_format | Yes | 'first_price' (sealed), 'second_price_vickrey', or 'english_ascending'. | |
| n_competing_bidders | Yes | How many OTHER bidders there are (not counting you). | |
| competitor_value_prior | Yes | Rough model of what rivals will pay, e.g. {family:'uniform', params:{low:0, high:6000}} or {family:'lognorm', params:{mu:8.5, sigma:0.4}}. |
Output Schema
| Name | Required | Description | Default |
|---|---|---|---|
| error | No | ||
| rationale | No | ||
| optimal_bid | No | ||
| win_probability | No | ||
| expected_surplus | No | ||
| dominant_strategy | No |