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Chinese auction is a type of the all-pay auction, where the probability of winning depends on the relative size of a participant's bid. [1] The choice of the winner is done by a lottery, whereby the bidders compete for a higher chance of winning. [1] It is also known as penny raffle, chance auction and tricky tray. [2] [3]
The dollar auction is a two player Tullock auction, or a multiplayer game in which only the two highest bidders pay their bids. Another practical examples are the bidding fee auction and the penny raffle (pejoratively known as a "Chinese auction" [6]).
A common practice for increasing revenue from ticket sales is to offer bulk sales of tickets, e.g., $10 per single ticket or $25 for three tickets, although this practice is illegal in some countries. This practise is also known as Chinese auction. [1] In some places, (eg.
China Guardian Auctions Co. Ltd., or simply China Guardian (Chinese: 中国嘉德), is a mainland Chinese auction house that specialises in the auction of Chinese artwork of all types. [ 1 ] [ 2 ] [ 3 ] It is particularly known for its sale of Chinese calligraphy and ink paintings.
A bowl made around 900 years ago has just fetched $38 million at auction, setting a new record for Chinese porcelain. The antique Chinese bowl was made around 900 years ago during the Song Dynasty ...
Going to an auction can be an exciting way to get great bargains -- and it's a lot less intimidating than you might think. Unfortunately though, the auction business has long been a haven for con ...
The Chinese auction selects a winner partially based on randomness. [68] The final price for the selected winner is not always conducted according to their final bid. In the case of the second-price ruling as in a Vickrey auction, the final price for the winner is based on the second bidder's price.
The auction is set to begin on Friday at noon ET and end October 16. However, in a lawsuit filed Wednesday in Florida’s 11th Judicial Circuit Court, 18-year-old Max Matus has claimed that he is ...