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The Virtual Auction Simulation Engine (VASE) provides students with a firsthand
experience of what it's like to compete in an online auction. It sets the stage for a range of learning experiences and
class discussions around auction concepts such as information asymmetry, forward and reverse aggregation, and competition. Using VASE, students can explore a variety of auction types, structures, and mechanisms, including open and sealed bidding, ascending and descending bid devices, and forward and reverse auctions. In combination with in-class lectures and discussions, Wharton students learn how such auctions are organized, how they operate, and how to use them as a strategic pricing tool.