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Auction theory is a branch of applied economics that deals with how bidders act in auctions and researches how the features of auctions incentivise predictable outcomes. Auction theory is a tool used to inform the design of real-world auctions. Sellers use auction theory to raise higher revenues while allowing buyers to procure at a lower cost.
In auction theory and mechanism design, Border's theorem gives a necessary and sufficient condition for interim allocation rules (or reduced form auctions) to be implementable via an auction. It was first proven by Kim Border in 1991, [1] expanding on work from Steven Matthews, [2] Eric Maskin and John Riley. [3]
The linkage principle is a finding of auction theory. It states that auction houses have an incentive to pre-commit to revealing all available information about each lot, positive or negative. The linkage principle is seen in the art market with the tradition of auctioneers hiring art experts to examine each lot and pre-commit to provide a ...
Praxis is the process by which a theory, lesson, or skill is enacted, embodied, realized, applied, or put into practice."Praxis" may also refer to the act of engaging, applying, exercising, realizing, or practising ideas.
Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a contemporary one, known as "new economic sociology".
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The dictionary will be selling off the NFT in a public auction on Friday, May 14, with all proceeds going to the Teach for All charity.
This category relates to specifically sociological terms and concepts. Wider societal terms that do not have a specific sociological nature about them should be added to social concepts in keeping with the WikiProject Sociology scope for the subject.