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The auction ended without a sale. [21] In January 2004, a seaworthy 16,000-ton Brazilian aircraft carrier Minas Gerais, formerly the British HMS Vengeance, was listed. The auction was removed when eBay determined that the vessel qualified as ordnance, even though all weapons systems had been removed. [22]
Proxy bidding is an implementation of an English second-price auction used on eBay, in which the winning bidder pays the price of the second-highest bid plus a defined increment. It differs from a Vickrey auction in that bids are not sealed; the "current highest bid" (defined as second-highest bid plus bid increment) is always displayed.
However, online auction sites, unlike live auctions, usually have an automatic bidding system which allows a bidder to enter their maximum acceptable bid. This is a hidden or proxy bid, known to the system, but not any other bidders; during the auction the actual bid is incremented only enough to beat the existing highest bid. For example, if ...
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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 ...
A Vickrey–Clarke–Groves (VCG) auction is a type of sealed-bid auction of multiple items. Bidders submit bids that report their valuations for the items, without knowing the bids of the other bidders. The auction system assigns the items in a socially optimal manner: it charges each individual the harm they cause to other bidders. [1]
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.
Samuel Irving "S.I." Newhouse Jr. (November 8, 1927 – October 1, 2017) was an American heir to a substantial magazine and media business. Together with his brother Donald, he owned Advance Publications, founded by their late father in 1922, whose properties include Condé Nast (publisher of such magazines as Vogue, Vanity Fair, and The New Yorker), dozens of newspapers across the United ...