The Value of Auctions. Auctions can be an important tool for selling goods and gathering information. Write an assignment 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 can be an important tool for selling goods and gathering information. Write an assignment 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 can be an important tool for selling goods and gathering information. Write an assignment 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.
Use APA referencing style.