Auctions: The first part of this section is quite straightforward and involves simply defining the various types of auctions, explaining various information conditions, etc.  The material that is likely to be worthy of more class time is the discussion of auction results.  Take the time to construct a simple example (or conduct your own auction as described below) so that students can see the equivalence of the English and the 2^nd Price auctions and Dutch and 1^st Price auctions.  In addition, tying the optimal strategy for English and 2^nd Price auctions back to the concept of dominance from the beginning of the chapter is likely to be very useful.  Finally, take some time to explain the notion of revenue equivalence.  The basic explanation is that the optimal amount of bid shading that goes on in Dutch and 1^st Price auctions brings what would otherwise be higher prices back down to the level of prices seen in English and 2^nd Price auctions.