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A no-reserve auction (NR), also known as an absolute auction, is an auction in which the item for sale will be sold regardless of price. [1] [2]From the seller's perspective, advertising an auction as having no reserve price can be desirable (but risky) because it potentially attracts a greater number of bidders due to the possibility of a bargain. [1]
Yahoo! Auctions is a service set up by the online search giant Yahoo! in 1998 to compete against eBay. [2]There are currently only two localizations of the service active in Taiwan and Japan; Yahoo! has discontinued the service in the United States, Canada, Singapore, Hong Kong, United Kingdom and Ireland.
In common value auctions the value of the item for sale is identical amongst bidders, but bidders have different information about the item's value. This stands in contrast to a private value auction where each bidder's private valuation of the item is different and independent of peers' valuations. [1]
However, if the minimum bid increment is very low, the sorites paradox can come into play, and make it difficult for a person to establish a single maximum bid. [9] For example, if the minimum bid increment on an auction is 10 cents, it can be difficult or impossible for a person to identify a price which they would be willing to pay to win the ...
The item for sale may not be sold if the final bid is not high enough to satisfy the seller, that is, the seller reserves the right to accept or reject the highest bid. If the seller announces to the bidders the reserve price, it is a public reserve price auction. [ 8 ]
An example of a price mechanism uses announced bid and ask prices. Generally speaking, when two parties wish to engage in trade , the purchaser will announce a price he is willing to pay (the bid price ) and the seller will announce a price he is willing to accept (the ask price ).
None of the bidders know what the other is offering. The bidder with the highest price wins, but only pays the value of the next highest bid. [10] The most important feature of these auctions is that each bidder's winning strategy is to bid according to their true valuation of the item; this auction mechanism is thus incentive-compatible.
Included in the $1-buys were a 2010 Ford Escape Hybrid, for which Coker submitted a bid of $8,327; a Ford F550 pickup, with a bid of $9,000; and a Chevrolet C4500 box truck, bid $22,700; the U.S ...