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    Auction Theory
    Auction Theory
    Auction Theory
    Ebook28 pages20 minutes

    Auction Theory

    By IntroBooks Team

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    About this ebook

    This theory finds its origins in field of economics. It is said to
    be an applied branch of the very same field. In this theory,
    many ways in which people act in auctions are included. This
    theory also describes properties possessed by auction markets.
    An auction may follow a certain rule or set of multiple rules.
    Such sets of rules are known as auction designs. These designs
    are also a part of this particular theory. Auction theory is said
    to be a representation of a standard and utilized design for
    real life auctions. This theory particularly targets auction designs
    for public sector companies and the use of sale of license.
    Some main parts of this broad theory about auctions may also
    include the following:
    Efficiency
    Optimal bidding strategies
    Revenue comparison
    Every individual that is familiar with economics or is building up
    his career in the field of economy or corporate is most likely
    to be very much familiar with the term auction. Auction is
    indeed a simpler term to understand. Main goal of auction is
    to put an effort to sell selective stuff at a most convincing and
    affordable rate according to sellers prospective. This statement
    can be said most simple definition for auction. According to a
    more descriptive and professional definition, Auction is a public
    or private sale (In many cases) in which the sellers makes a
    deal with the bidder that offers highest amount for the
    respective stuff. Some experts also consider that auction can be
    called a system for selling since it is holds a well-structured
    format. According to this theory or concept, the definition for
    auction is, 'It is a system, in which competitive bids from
    potential buyers are placed on stuffs that is put for sale. The
    selling item can be a property or even goods. The goods are
    handed over to the highest bidder in exchange of the price
    that he previously offered for the very same item. Both seller
    and buyer [in most cases it is seller only] have to pay a small
    fee to the auctioneer for listing the item. Usually, sellers pays
    the fees for listing the item in particular auction and buyer
    pays entry fees o get the right to bid from the auctioneer.
    Once the deal has been finalized or bids have put on the item,
    seller have no right to refuse to pay the fees in any terms, not
    even if the item is not sold at a desired price or revenue.
    Most of the modern auctioneers make a legal contract with
    both sellers and bidders so they are not caught in such
    situation where buyer and sellers make a deal and refuse to
    pay fees for their services or intermediation, whatever it is
    called.
    All the concepts that are related to auction in any way are
    included in Auction theory. Like any other theories, it explains
    all terms related to the field while making sure that the
    description is much likely related to the main subject.

    LanguageEnglish
    PublisherIntroBooks
    Release dateNov 2, 2019
    ISBN9781393557661

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      Book preview

      Auction Theory - IntroBooks Team

      Auction Theory

      IntroBooks #229

      readintrobooks.com

      Copyright © 2016 Can Akdeniz

      All rights reserved.

      Preface

      This theory finds its origins in field of economics. It is said to be an applied branch of the very same field. In this theory, many ways in which people act in auctions are included. This theory also describes properties possessed by auction markets. An auction may follow a certain rule or set of multiple rules. Such sets of rules are known as auction designs. These designs are also a part of this particular theory. Auction theory is said to be a representation of a standard and utilized design for real life auctions. This theory particularly targets auction designs for public sector companies and the use of sale of license.

      Some main parts of this broad theory about auctions may also include the following:

      Efficiency

      Optimal bidding strategies

      Revenue comparison

      Every individual that is familiar with economics or is building up his career in the field of economy or corporate is most likely to be very much familiar with the term auction. Auction is indeed a simpler term to understand. Main goal of auction is to put an effort to sell selective stuff at a most convincing and affordable rate according to sellers prospective. This statement can be said most simple definition for auction. According to a more descriptive and professional definition, Auction is a public or private sale (In many cases) in which the sellers makes a deal with the bidder that offers highest amount for the respective stuff. Some experts also consider that auction can be called a system for selling since it is holds a well-structured format. According

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