Suit keen renovator: Alternate reality design

Virtual territories and their theme parks are more akin to the physical world of real estate than they might at first appear. The trick in triggering the designer's imagination, is to find a 'nice renovator' (cottage/ house) at a low price, with loads of potential, and by doing it on the cheap to add character, and engage the imagination. Here the designer can construct changes from an imagined space. Vision is more important than how the actual place presents.This work describes a case study involving undergraduate students in the Creative Industries who needed a place to explore, so as to create their own visions and projects. The place had to inspire, trigger engagement, and their imaginations. At the same time it was important that the place did not coerce activity, or distract from the task by confusing tools with task, or architectural navigation with conceptual skills.The solution was an alternate reality.

Simultaneous pooled auctions

Suppose a seller wants to sell k similar or identical objects and there are n > k potential buyers. Suppose that each buyer wants only one object. In this case, we suggest the use of a simultaneous auction that would work as follows. Players are asked to submit sealed bids for one object. The individual with the highest bid chooses an object first; the individual with the second-highest bid chooses the next object; and this process continues until the individual with the kth highest bid receives the last object. Each individual pays the equivalent to his or her bid. When objects are identical, we show that the proposed auction generates the same revenue as a first-price sealed-bid sequential auction. When objects are perfectly correlated, there is no known solution for sequential auctions, whereas we can characterize bidding strategies in the proposed auction. Moreover, the proposed auction is optimal (given an appropriately chosen reserve price), and it may be easier and cheaper to run than a sequential auction.