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Dutch auctions are all sellers' bidding auctions, also known as silent auctions, which can be divided into two types. Manual silent auction is an early traditional form of price reduction auction, in which the auctioneer first publicly quotes the highest price, and then the bidders respond accordingly.
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.
An Anglo-Dutch auction starts as an English or Japanese auction and then continues as a Dutch auction with a reduced number of bidders. [ 81 ] [ 82 ] A French auction is a preliminary sealed-bid auction before the actual auction, whose reserve price it determines.
A well-known special case is the Vickrey auction, or the sealed second-bid auction. Here, there is only a single item, and the set contains + possible outcomes: either sell the item to one of the agents, or not to sell it at all. In step 3, the winner agent is paid 0 (since the total value of the others is 0) and the losers receive a payment ...
OpenIPO is a modified Dutch auction which allows shares of an initial public offering (IPO) to be allocated impartially. It is a variation on the traditional way that shares are sold during the IPO process and results in all successful bidders paying the same price per share.
A painting by titled "Portrait of Girl" by Dutch painter Rembrandt Harmenszoon van Rijn sold for $1.4 at the Thomaston Place Auction Galleries in Thomaston, Maine on August 24, 2024.
Girl Raises $27,000 for Friend at 4-H Auction in 'Small Act' That Went 'Way Bigger' (Exclusive) ... Normally, a lamb at a similar auction would sell for $700 to $1,000. But the bidding took off ...
Revenue equivalence is a concept in auction theory that states that given certain conditions, any mechanism that results in the same outcomes (i.e. allocates items to the same bidders) also has the same expected revenue.