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The key event of the Gem, Mineral & Fossil Showcase is the Tucson Gem & Mineral Show produced by the Tucson Gem and Mineral Society. This show has been held annually since 1955 and now occupies 181,000 square feet (16,800 m 2) of the Tucson Convention Center. Many museums and universities, including the Smithsonian Institution and the Sorbonne ...
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]
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 ...
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In auctions, the buyer's premium is a charge in addition to the hammer price (i.e. the winning bid announced) of an auction item, or lot. The winning bidder is required to pay both the hammer price and the percentage of that price called for by the buyer's premium.
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 ...
In an auction, bid shading is the practice of a bidder placing a bid that is below what they believe a bid is worth. [1] [2] Bid shading is used for one of two purposes. In a common value auction with incomplete information, bid shading is used to compensate for the winner's curse. In such auctions, the good is worth the same amount to all ...
Enjoy a classic game of Hearts and watch out for the Queen of Spades!