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Net Auctions and Auction Information |
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Game Theory, Nobel Prize, & Auctions - Auction Primer Series - Part 1
William Vickrey, highly regarded as the founder of auction theory, was an economics professor at Columbia University when he published two papers outlining his views on auctions: "Counterspeculation, Auctions, and Competitive Sealed Tenders", 1961, Journal of Finance "Auction and Bidding Games", 1962, Recent Advances in Game Theory In 1996 he received a Nobel Prize "for fundamental contributions to the economic theory of incentives under asymmetric information." It's important to understand that asymmetric information is an essential component of auctions, where potential buyers have varying levels of knowledge about the value of the item. Although Vickrey considered his work on auctions as "one of my digressions into abstract economics, at best of minor significance in terms of human welfare", to those of us who work with online auctions, much of what he outlined is useful to understanding our marketplace. Vickrey identified 4 general types of auctions: English English Auctions Although traditional ascending price auctions use a "soft close" format - where bidding continues until a final bid is placed, the majority of today's on-line auction sites use the "hard close" format - also known as a 'time interval" auction having a set time limit, regardless of ongoing bidding. It's important to note that in a "soft close" format, bid snipping, that is bidding during the last few seconds or minutes on an item, is eliminated since the auction stays open as long as bids are being made. In an attempt to minimize bid snipping and provide more of a "soft close" characteristic to their "hard close" auctions, eBay allows bidders to use "proxy bidding". In proxy bidding, a bidder enters the highest price they are willing to pay for an item when they first bid. The bid begins at the lowest possible level and increases automatically only if their original lowest bid has been beaten. For more in-depth information on the "proxy bidding capability on eBay go here. http://pages.ebay.com/help/buy/proxy-bidding.html Amazon.com currently offers a feature for their auctions called "Going, Going, Gone." The Going, Going, Gone" feature extends the end of an auction for 10 minutes if a bid is placed effectively creating a "soft close". For more information on the "Going, Going, Gone" feature on Amazon go here. http://www.amazon.com/exec/obidos/tg/browse/-/1161360/103-1666189-8415007#going-gone From the buyers standpoint a "hard close" format is preferable since they may be able to make a final bid before others can react, possibly winning the auction at a lower price. For sellers, a "soft close" format provides an opportunity to realize the maximum price for an item by removing the time restrictions for an auction. As long as bidders are bidding the auction remains open. Dutch Auctions As an example of a Dutch auction let's say you had 10 items you wanted to sell for $20 each. Bidder A bids $18 for 6 items Please note that most Dutch auctions allow bidders to refuse an order for a lesser number of items than what they bid on. A "soft" or "hard close" format may be used in Dutch auctions although the most common is the "hard close". First-price Sealed Bid Auctions Second-price Sealed Bid Auctions The above descriptions provide a general overview of the most popular auction types in use today. Depending on the auction website these general categories may include a number of variations and options such as reserve pricing, open or closed venue, multiple items, fixed price and lot listings to mention a few. Before entering any particular type of auctions make sure you study and understand the rules for that specific type of auction, as the rules may vary from website to website. Copyright © Steven Woodward - All Rights Reserved Steven Woodward is the owner, editor and publisher of the Auction Sellers Network (ASN); a web site for individuals and companies who are serious about utilizing the online auction marketplace for their business. In addition to topical articles, ASN provides an extensive resource center, news feeds and member forums. For more information, or to become a member, please visit us at http://www.AuctionSellersNetwork.com No permission is needed to reproduce an unedited copy of this article as long the About the Author tag is left in tact and included. We do request that we be informed of where it is posted and reciprocal links will be considered.
MORE RESOURCES: Cox Automotive Signs Intent to Acquire Bel Air and Tallahassee Auto Auctions from BSC America Cox Automotive Inc. Ben Askren auctions off his Olympic singlet as community raises money for his medical bills TMJ4 News Bend luxury estate sold at auction bendbulletin.com 100th Chincoteague Pony Auction cracks the $1 million mark Shore Daily News Local auctions of tax-delinquent properties in the River Valley raise more than $1.3 million River Valley Democrat-Gazette The Original Quarter Auction to Celebrate with Sweet 16 Event RiverBender.com Huron Community Fair's auction sees hogs, steers and goats sold Huron Daily Tribune Gemfieldsâ Auction Revenue Drops 50% in H1 nationaljeweler.com St. Elizabeth & Nebraska Heart Foundation online auction KOLN | Nebraska Local News, Weather, Sports | Lincoln, NE Volo Museum marks 65 years with makeover and rare auction FOX 32 Chicago SWOSU Announces 2025 Athletic Auction Presenting & Hospitality Sponsors Southwestern Oklahoma State University Athletics Bidding on the Auction for âDeep Thoughtâ Has Been Slow Milwaukee Magazine Kirby Center online photo auction open until Monday Scranton Times-Tribune Every car has a story: Here's how people lose vehicles at Crow Tow auctions The Des Moines Register Ryne Sandberg, Mickey Mantle Baseball Cards On Tap At Treasurer Frerichsâ State Fair I-CASH Auction Preview RiverBender.com BidItUp Showcases Premier EV Equipment Auctions The EV Report Complete Run of 'Action Comics' to Auction Fine Books Magazine Livestock auction breaks records at Schuylkill County Fair Republican Herald Wasatch County puts fleet vehicles on the block in August surplus auction - TownLift, Park City News Wasatch County puts fleet vehicles on the block in August surplus auction TownLift, Park City News Huron Community Fair enters the weekend with redneck truck races, auction Huron Daily Tribune Volo Museum celebrates 65 years with wild vehicle auction FOX 32 Chicago A note of thanks for bidding on my animal at the Jr. Livestock Auction | By Adeline Held Washington County Insider BOWMAN AUCTIONS dnronline.com Ohio electric bills likely to keep going up after latest PJM auction Ohio Capital Journal Plymouth County Fair auction brings in $26,850 The N'West Iowa REVIEW This 1998 RUF CTR 2 Sport Is One of Four AWD Examples and Could Hit $3.5 Million at Auction HiConsumption Tattersalls Somerville And October Auction Stakes Races Increased to ÂŁ200,000 Thoroughbred Daily News The home of a longtime Peoria eye clinic is headed to auction Peoria Journal Star Mecum To Auction Cannonball Run Record-Breaking Ferrari Dino At Monterey duPont REGISTRY News 3,400-Year-Old Grasshopper Artifact That May Have Been Stolen From King Tut's Tomb Sells at Auction for More Than $450,000 Smithsonian Magazine Friday Harbor mansion once listed for $11M heads to auction at $5M KIRO 7 News Seattle PJM Auction Procures 134,311 MW of Generation Resources; Supply Responds to Price Signal PJM Inside Lines Stormtrooper Helmet From âStar Wars: A New Hopeâ Sells for $256K at Auction The Hollywood Reporter Advocates: Energy auction shows data center influence, grid operatorâs deficits - Maryland Matters A note of thanks to bidders at Jr. Livestock Auction | By Anna Dornacker - Washington County Insider A note of thanks to bidders at Jr. Livestock Auction | By Anna Dornacker Washington County Insider âBest Property Left in Saratoga Springsâ Heads to Auction Saratoga TODAY newspaper 1995 Ford Bronco Eddie Bauer With 13K Miles Up For Auction Ford Authority Yacht once owned by late Palm Beach resident Jimmy Buffett heads to auction Palm Beach Daily News European Comission Launches Third Hydrogen Auction with âŹ1.1 Billion Budget Strategic Energy Europe Jimmy Buffettâs yacht up for auction WPLG Local 10 Willowickâs Shoregate Towers sells for $9.1 million at auction Crain's Cleveland Business Little Italy site owned by Angelos family sells at auction for $1.4M The Business Journals London Auction House to Offer Artifact from âthe Age of Tutankhamunâ, Despite Dubious Origins ARTnews.com ULM Athletics Partners with Live Source for Online Auctions University of Louisiana Monroe Athletics Oregon estate with an airplane hangar sold for half its asking price. See what buyers get for $5.4M OregonLive.com Art, Antiques, Jewelry From Prominent Estates Goes to Auction People Newspapers The Pollution Market: An Auction for Better Air Quality in West India Think Global Health First Edition of 'The Hobbit' Found in House Clearance to Auction Fine Books Magazine A Grand Return: Lyric Opera of Chicagoâs Wine Auction Set for May 2026 Wine Industry Advisor Arkansas Commissioner of State Lands to auction more than 700 tax delinquent real estate parcels Thursday Hot Springs Sentinel Record The stellar collection of the BaborĂłwko Foal Auction 2025 World of Showjumping |
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