The MC model of the UMDL Auction

T’ : TPA (seller)

U : UIA (buyer)

T : other TPA (seller)

S : Success

T’

UT’

TT’

TTT’

UUT’

S

UTT’

At T’ State,

(1) No one arrives

(2) A buyer arrives

(3) A seller arrives

(4) Both arrive

UTTT’

UUTTT’

UUTT’

...

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