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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]
This is instrumental in describing certain ideas in public choice economics. [citation needed] The dollar auction is a two player Tullock auction, or a multiplayer game in which only the two highest bidders pay their bids. Another practical examples are the bidding fee auction and the penny raffle (pejoratively known as a "Chinese auction" [6]).
This European influence is particularly marked in the case of beer, whose modern Chinese name pijiu is a Qing-era transcription of the English beer and German Bier. Two of the principal brewers in modern China, Tsingtao and Harbin , are named for the sites of the former major German and Russian breweries.
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A wine auction may also auction other alcoholic beverages than wine. There are two basic types of wine auctions: first hand wine auctions, where wineries sell their own wines, and second hand wine auctions, arranged by auction houses or other auctioneers to make it possible for any owners of wine to trade it. In most cases, the wines traded at ...
Realgar wine can be bought ready-made, but it is often prepared from homemade yellow wine and realgar mineral powder bought from drugstores, markets, or street vendors. [citation needed] A typical recipe calls for 50 to 100 grams of realgar powder to be added to one liter of homemade wine and left to stand at room temperature for several hours ...
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A bowl made around 900 years ago has just fetched $38 million at auction, setting a new record for Chinese porcelain. The antique Chinese bowl was made around 900 years ago during the Song Dynasty ...
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