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The auctioneer receives the money paid for each bid, plus the final price of the item. For example, if an item worth 1,000 currency units (dollars, euros, etc.) sells at a final price of 60, and a bid costing 1 raises the price of the item by 0.01, the auctioneer receives 6,000 for the 6,000 bids and 60 as the final price, a total of 6,060, a ...
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 ]
Finally, subtract the second value from the first value. Thus, the payment required of A is $6 − $2 = $4. For bidder B: Similar to the above, the best outcome for an auction that excludes bidder B assigns both apples to bidder C for $6. The total social value of the original auction minus B's portion is $5. Thus, the payment required of B is ...
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 ...
Unlike in a conventional auction, the final price is typically much lower than the value of the item, but all bidders (not just the winner) will have paid for each bid placed; the winner will buy the item at a very low price (plus price of rights-to-bid used), all the losers will have paid, and the seller will typically receive significantly ...
The speed of the clock used in the Dutch auction has a significant effect on final prices and the auctioneer's revenue. [14] A fast Dutch clock has been found to yield significantly lower bids and seller revenue when benchmarked against a first-price sealed-bid auction. On the contrary, a sufficiently slow Dutch clock is found to be more ...
Minimum Fee: the lowest fee that may be earned, usually expressed as a percentage. The Final Fee (profit of the contractor) is expressed as follows: Final Fee = Target Fee + (Target Cost - Actual Cost) * Contractor Share. [a] [3] The Final Price of the contract is expressed as follows: Final Price = Actual Cost + Final Fee.
Market value or OMV (Open Market Valuation) is the price at which an asset would trade in a competitive auction setting.Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and differ in some circumstances.