All-Pay Auction Mode:
- Each player starts with $100
- There are 5 rounds in total
- Win 3 rounds to win the game
- The player who places the highest bet each round wins that round
- All players pay their full bid amount each round, regardless of whether they win
- If no player reaches 3 wins, the player with the most wins (and most money in case of a tie) wins the game
Standard Auction Mode:
- Each player starts with $100
- There are 5 rounds in total
- Player with the most wins after 5 rounds wins the game (money is used as a tiebreaker)
- The player who places the highest bid each round wins that round
- Only the winner pays their bid amount
- In case of a tie for highest bid, all winners pay their full bid amount
Vickrey Auction Mode:
- Each player starts with $100
- There are 5 rounds in total
- Player with the most wins after 5 rounds wins the game (money is used as a tiebreaker)
- The player who places the highest bid each round wins that round
- Only the winner pays, and they pay the second-highest bid amount
- If there's only one bid (everyone else bids 0), the winner pays their full bid
- In case of a tie for highest bid, the win is split (both players receive a fraction of a win)