Pile has 15 tokens
At the end of the auction there are 4 bids, ordered by price:
Bid No. | Bid size | Bid price |
---|---|---|
1 | 2 | 20 |
2 | 4 | 11 |
3 | 5 | 11 |
4 | 3 | 2 |
5 | 7 | 0.5 |
6 | 5 | 0.3 |
Distribute using price of 20 to the first bidder
Bidder 1 gets 2/20=0.1 tokens
Can’t distribute to bidder number two because he’s not willing to pay 20
14.9 tokens remaining
Distribute using price of 11 to the first two bidders
Bidder 1 gets 2/11=0.181 tokens
Bidder 2 gets 4/11=0.363 tokens
14.456 tokens remaining
Distribute using price of 11 to the first three bidders
Bidder 1 gets 2/11=0.181 tokens
Bidder 2 gets 4/11=0.363 tokens
Bidder 3 gets 5/11=0.454 tokens
14.001 tokens remaining
Distribute using price of 2 to the first four bidders
Bidder 1 gets 2/2=1 tokens
Bidder 2 gets 4/2=2 tokens
Bidder 3 gets 5/2=2.5 tokens
Bidder 4 gets 3/2=1.5 tokens
Can’t distribute to bidder number five because he’s not willing to pay 2
8 tokens remaining
Distribute using price of 0.5 to the first five bidders
Bidder 1 gets 2/0.5=4 tokens
Bidder 2 gets 4/0.5=8 tokens
Bidder 3 gets 5/0.5=10 tokens
Bidder 4 gets 3/0.5=6 tokens
Bidder 5 gets 7/0.5=14 tokens
(more than) All tokens were distributed
Clearing price of the auction is 0.5
Bider distribution:
Bidder 1 gets 4 tokens
Bidder 2 gets 8 tokens
Bidder 3 gets the remaining 3 tokens (and 3.5 bidding token refund)
Bidders 4, 5 and 6 doesn't get any tokens (and full bidding token refund)