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A Dutch auction is one of several similar types of auctions for buying or selling goods. [1] [2] [3] Most commonly, it means an auction in which the auctioneer begins with a high asking price in the case of selling, and lowers it until some participant accepts the price, or it reaches a predetermined reserve price.
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.
The Dutch book argument can be reversed by considering the perspective of the bookmaker. In this case, the Dutch book arguments show that any rational agent must be willing to accept some kinds of risks, i.e. to make uncertain bets, or else they will sometimes refuse "free gifts" or "Czech books", a series of bets leaving them better-off with ...
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Created Date: 8/30/2012 4:52:52 PM
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In a traditional auction, the seller offers an item for sale. Potential buyers are then free to bid on the item until the time period expires. The buyer with the highest offer wins the right to purchase the item for the price determined at the end of the auction. A reverse auction is different in that a single buyer offers a contract out for ...
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