Question: Consider five auction scenarios. For each scenario, determine whether it is 1) an English auction; 2) a Dutch auction; or 3) neither an English nor

Consider five auction scenarios. For each scenario, determine whether it is 1) an English auction; 2) a Dutch auction; or 3) neither an English nor a Dutch auction. Auction A: A government agency needs a consultant to design a matching market to distribute donated food among shelters. The agency decides to auction the consulting contract using the following auction format: the price of the consulting contract will constantly ascend until the first consultant that accepts the contract. The consultant that accepted the contract will be paid the current auction price for its services. Auction B: An auctioneer auctions a famous painting using an ascending price auction to a group of bidders. The auction ends when all but one bidder are no longer interested in the painting at the current price. Auction C: An auctioneer auctions a house using a descending price auction to a group of bidders. Each minute price drops by $1000. The auction ends when one of the bidders acquires the house at the current price. Auction D: The auctioneer auctions a car to a group of bidders as follows. All interested bidders submit their bids. Only one bid per bidder is allowed. The auctioneer awards the car to the highest bidder at the price named by the winner. Auction E: An auctioneer auctions a construction project to repair a bridge over the Boulder Creek. Bidders progressively bid to reduce the price of the project until only one bidder remains. The last bidder gets the project and is paid the last auction price that he/she accepted. Instructions: If an auction cannot be classified as an English auction or as a Dutch auction, leave the option in the "Possible Answers" Box. English Auction Dutch Auction No Answers Chosen No Answers Chosen Possible answers Auction A Auction C Auction D Auction B Auction E

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

PART 3 Transactional Law: Creating Wealth and Managing Risk Chapter 8 Dispute Resolution: Jurisdiction, Litigation, and ADR Chapter 9 Contracts for the Internet and Tech Sectors Chapter 10 The...

Game theory questions answer all Two women, Anna and Bess, claim to be the legal owners of a diamond ring that - each claims - has great sentimental value. Neither of them can produce evidence of...

solve all parts have not been understanding it, precise answers with explanations on how to arrive at the answer please Exercise 3.12. Three players, Avinash, Brian and John, play the following game....

Sesi 2. Question to be discussed Are the trained staff assets of Open Safari? (Note: Open Safari has incurred significant staff training costs and some staff possess specialised skills that are...

please help with the assignment to answer the following question : Which currency is Open Safari's presentation currency? Which currency is Open Safari's functional currency? Note: you will need to...

Would you be willing to pay more in order to reduce the probability of dying within the next hour from one sixth to zero or from four sixths to three sixths'? Unfortunately, this is not a...

Part 1: Finding information: Each of the following questions should be answered within the table provided in file entitled "PART 1 TABLE." American Eagle's 2009 10-K is in the file entitled...

I need the following homework exercise completed. All of the information is within the attached files. I require no explanations, just the answers. Part 1: Finding information: Each of the following...

11. Limited liability (A) implies risk aversion; (B) creates both adverse selection and moral hazard in the financial markets; (C) is a non-manipulable mechanism; (D) none of the above. 12. Consider...

Gilbert Company leased office space for a noncancelable term of five years with a five-year renewal option. Before the company took possession of the space, it paid for leasehold improvements that...

a) Mint Ltd acquired a building on 1 January 2018 for 400,000. The depreciation policy for Mint Ltd for buildings is the straight-line method with a rate of 10% per annum, with no residual. The...

Workout the following Dynamic programming example ( similar to what we did in the lecture ) . Use a white paper to trace the execution cycle - by - cycle until the last instruction finishes. Use the...

The U.S. military has a long-standing tradition of caring for its own. Since 1879, the Department of Defense (DoD) has supplemented military pay by operating commissaries that provide grocery, meat,...

9. What is meant by the statement, the context is only relevant to us if we understand what it is trying to say?

7. What does it mean when we say that the words we use to denote a situation set limits on the solutions we can create at a later point?

8. Give examples from your own everyday life that the reference point you use has significance for the actions you take.