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Chinese auction is a type of the all-pay auction, where the probability of winning depends on the relative size of a participant's bid. [1] The choice of the winner is done by a lottery, whereby the bidders compete for a higher chance of winning. [1] It is also known as penny raffle, chance auction and tricky tray. [2] [3]
The Chinese auction selects a winner partially based on randomness. ... The silent auction is a variant of the English auction in which bids are written on a sheet of ...
The most straightforward form of an all-pay auction is a Tullock auction, sometimes called a Tullock lottery after Gordon Tullock, in which everyone submits a bid but both the losers and the winners pay their submitted bids. [5] This is instrumental in describing certain ideas in public choice economics. [citation needed]
China Guardian Auctions Co. Ltd., or simply China Guardian (Chinese: 中国嘉德), is a mainland Chinese auction house that specialises in the auction of Chinese artwork of all types. [ 1 ] [ 2 ] [ 3 ] It is particularly known for its sale of Chinese calligraphy and ink paintings.
It should only contain pages that are All-pay auction or lists of All-pay auction, as well as subcategories containing those things (themselves set categories). Topics about All-pay auction in general should be placed in relevant topic categories .
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In fact, we can use revenue equivalence to prove that many types of auctions are revenue equivalent. For example, the first price auction, second price auction, and the all-pay auction are all revenue equivalent when the bidders are symmetric (that is, their valuations are independent and identically distributed).
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