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Sammy Hagar stands next to his 2015 Ferrari LaFerrari, a rare supercar (only 499 were made) that he hopes to sell for perhaps triple its original $1.5 million price at the Barrett-Jackson auctions ...
This is a list of the most expensive cars sold in public auto auctions through the traditional bidding process.. On May 5, 2022, in a secret auction at the brand's museum in Germany, Mercedes-Benz sold one of just two 1955 300 SLR Uhlenhaut coupes from its extensive collection of historical automobiles—which dates back to the earliest days of the car in the late 19th century.
In auction theory, particularly Bayesian-optimal mechanism design, a virtual valuation of an agent is a function that measures the surplus that can be extracted from that agent. A typical application is a seller who wants to sell an item to a potential buyer and wants to decide on the optimal price.
In the open ascending price auction (aka English auction), a buyer's dominant strategy is to remain in the auction until the asking price is equal to his value. Then, if he is the last one remaining in the arena, he wins and pays the second-highest bid.
In common value auctions the value of the item for sale is identical amongst bidders, but bidders have different information about the item's value. This stands in contrast to a private value auction where each bidder's private valuation of the item is different and independent of peers' valuations. [1]
A first-price sealed-bid auction (FPSBA) is a common type of auction. It is also known as blind auction. [1] In this type of auction, all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price that was submitted. [2]: p2 [3]
The winner's curse is a phenomenon that may occur in common value auctions, where all bidders have the same value for an item but receive different private signals about this value and wherein the winner is the bidder with the most optimistic evaluation of the asset and therefore will tend to overestimate and overpay. Accordingly, the winner ...
Next, the total social value of the original auction excluding A's value is computed as $7 − $5 = $2. Finally, subtract the second value from the first value. Thus, the payment required of A is $6 − $2 = $4. For bidder B: Similar to the above, the best outcome for an auction that excludes bidder B assigns both apples to bidder C for $6.
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