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For UK properties, it is listed in the RICS (Royal Institute of Chartered Surveyors) Common Auction Conditions or in the special conditions for the lot. In Europe, the buyer's premium may also be subject to VAT ( value-added tax ), while in the United States, most states require sales tax to be calculated on the amount of the premium since it ...
However, new sources produced much larger faceted stones, the biggest faceted gem weighing 254 carats. This gem was found in Sri Lanka in 1990. Even though jeremejevite is a relatively durable stone, it should not be cleaned using ultrasound cleaning or steaming; the stone usually contains liquid inclusions, which could shatter the stone if ...
This is unfortunate for one of the two parties. It is the obligation of a real property appraiser to estimate the true market value of a property and not its market price. Frequently, properties are assessed at a value below their market values; this is known as fractional assessment. [5]
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Since most auctions involve at least some amount of common value, and some degree of uncertainty about that common value, the winner's curse is an important phenomenon. In the 1950s, when the term winner's curse was first coined, there was no accurate method to estimate the potential value of an offshore oil field. So if, for example, an oil ...
The winner's curse is a phenomenon which can occur in common value settings—when the actual values to the different bidders are unknown but correlated, and the bidders make bidding decisions based on estimated values. In such cases, the winner will tend to be the bidder with the highest estimate, but the results of the auction will show that ...
The generalized second-price auction (GSP) is a non-truthful auction mechanism for multiple items. Each bidder places a bid. The highest bidder gets the first slot, the second-highest, the second slot and so on, but the highest bidder pays the price bid by the second-highest bidder, the second-highest pays the price bid by the third-highest, and so on.