Auctions can be an important tool for selling goods and gathering information. Auctions are used in multiple venues including agriculture, eBay, and

Auctions can be an important tool for selling goods and gathering information. Auctions are used in multiple venues including agriculture, eBay, and distressed asset sales. The seller does not have to worry about estimating demand and setting a price because the demanders will do that through the auction process. 

Write an essay examining the value of auctions in the economy by addressing the following items. 

  • Explain the difference between oral auctions and second-price auctions, including how they work and their results. 
  • Use the expected value information to illustrate how having more bidders in an oral auction will likely result in a higher winning bid. 
  • Explain how the number of bidders in a common value auction affects the outcome of the auction. 
  • Relate this to the effect on price in different market structures based on the number of producers. 
  • Auctions lead to outcomes where buyers reveal their value for the products being auctioned. 
  • To successfully price discriminate, firms often rely on buyers revealing their value for products. 
  • Explain the conditions necessary for firms to be able to price discriminate. 

Your essay must be at least three pages in length (not counting the title and references pages) and include at least three peer-reviewed resources. Adhere to APA Style when writing your essay, including citations and references for sources used. Be sure to include an introduction. Please note that no abstract is needed.

Share This Post

Email
WhatsApp
Facebook
Twitter
LinkedIn
Pinterest
Reddit

Order a Similar Paper and get 15% Discount on your First Order

Related Questions

CASE/BUS520  Business Analytics & Intelligence Reporting  Assignment Overview Presentation You compiled a comprehensive report based on the findings for

CASE/BUS520  Business Analytics & Intelligence Reporting  Assignment Overview Presentation You compiled a comprehensive report based on the findings for the Module 4 Session Long Project. It included workplace applications that may be implemented based on the findings. You will present your findings to industry leaders. Case 4 ResourcesPresentation Tips to

Project Guidelines and RubricIDS 105 Project Guidelines and RubricCompetencies In this project, you will demonstrate your mastery of the following

Project Guidelines and RubricIDS 105 Project Guidelines and RubricCompetencies In this project, you will demonstrate your mastery of the following competencies: Describe the factors that influence one’s perception of social justice Examine the impact of intercultural competence on collaboration and communication Utilize interpersonal communication strategies to navigate conflict Overview In

SLP/BUS530 Managerial Economics  Economic Justice and Organizational Strategy Assignment Overview Presentation On an economic topic that has staunch

SLP/BUS530 Managerial Economics  Economic Justice and Organizational Strategy Assignment Overview Presentation On an economic topic that has staunch supporters on multiple perspectives. SLP Assignment Presentation: Economics of Social Responsibility and Profit  Social Responsibility and Profit must be balanced and consider at least two different viewpoints. The main focus must be