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The terms Vickrey auction and second-price sealed-bid auction are, in this case only, equivalent and used interchangeably. In the case of multiple identical goods, the bidders submit inverse demand curves and pay the opportunity cost. [4] Vickrey auctions are much studied in economic literature but uncommon in practice.
This would be why it sold for $204,435 at auction. Obi-Wan Kenobi with Double-Telescoping Lightsaber (1977): This is a rare Star Wars toy and sold at an auction for $76,000 in 2018.
Car auctions United States — [5] June 22, 1999: Alando: Auction house Germany $ 43,000,000 [6] October 1999: Blackthorne Listing tool United States — [7] June 13, 2000: Half.com: Online marketplace United States $ 318,000,000 [8] December 12, 2000: Precision Buying Service [note 1] E-commerce payment systems United States — [9] January 8 ...
FPSBA are thought to lead to low procurement costs through competition and low corruption through increased transparency, even though they may entail a higher ex-post extra cost of the completed project and extra time to complete it. [10] A generalized first-price auction is a non-truthful auction mechanism for sponsored search (aka position ...
It was the first computer in the ZX line to support colour output. The ZX Spectrum remained more affordable than other computers on the market, including the BBC Micro, VIC-20, and Apple II, and during a time of recession and high unemployment in the UK, was positioned by Sinclair as a low-cost home computer for productivity applications. [27]
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Sinclair responded by launching his own half-price deal, offering schools the chance to buy a ZX81 and 16 KB RAM pack for £60, plus a ZX Printer at half price, for a total cost of £90. As the cheapest Government-approved system was £130, this was an attractive offer for some schools and about 2,300 bought Sinclair's package, although 85% ...
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]