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A Demsetz auction is a system which awards an exclusive contract to the agent bidding the lowest price named after Harold Demsetz. [23] This is sometimes referred to "competition for the field." It is in contrast to "competition in the field," which calls for two or more agents to be granted the contract and provide the good or service ...
In Dutch and Japanese auctions, the bids are confirmations. In a version of the Brazilian auction, bids are numbers of units being traded. Structure elements of a bid are called attributes. If a bid is one number like price, it is a single-attribute auction. If bids consists of multiple-attributes, it is a multi-attribute auction. [69] [70]
In a lowest unique bid auction, the bidder who submitted the single bid of $0.06 would win the auction, and would be eligible to purchase the product or service for $0.06, because their bid was the lowest unique bid. In a highest unique bid auction, the bidder who submitted a bid of $0.09 would win the auction.
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In the basic model of optimal auction design developed by Roger Myerson (1981), the optimal reservation price (i.e., the smallest admissible bid) is independent of the number of bidders. [8] This basic model of optimal auction design assumes that the bidder's type is known; that is, the seller has asked the potential buyers what their value ...
At an auction of personal property, which was brought on due to an unpaid storage bill, This is the kind of news story which gives me a little shiver, and confirms for me that people are still ...