...http://global.factiva.com.ezproxy.lib.monash.edu.au/aa/?... China auction house holds first sale in Hong Kong AFP(AFP) 481 字 2012 年 10 月 7 日 Times Of Oman TOMAN 英文 Copyright 2012 Times Of Oman. Provided by Syndigate.info, an Albawaba.com Company All Rights Reserved. Hong Kong: China s oldest auction house held its first sale in Hong Kong Sunday, underscoring an intensified competition between Chinese auctioneers and their foreign rivals in the booming art market. Over 300 collectors packed the auction hall at the one-day sale by China Guardian, which offered more than 300 Chinese paintings and calligraphy including works from renowned artists Zhang Daqian and Qi Baishi. The sale, expected to fetch nearly $24 million, was the firm s first auction outside of mainland China since it was set up in 1993. "This is our first step to go global. We want to be a part of the global art market," China Guardian marketing director Jay Sun told AFP. "We believe there is a huge room and enormous space for the Chinese art market to develop," he said at the sideline of the sale that drew fierce bidding from collectors in the room and by telephone. The star lot at the auction was a 1922 landscape series from Qi painted in colour inks titled "Album of Mountains and Rivers", which fetched HK$46 million ($5.9 million), nearly doubled its pre-sale estimates. Qi -- who is now ranked the world s second highest valued artist by auction revenue, ahead of Andy Warhol and Pablo Picasso -- spent seven years...
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...Managerial Economics- Final Exam Question 2 Part A - Theory In second-price sealed bid auctions, the optimal bidder strategy when values are private is to bid his personal reservation price, regardless of risk aversion. This is a dominant strategy since it maximizes the total available surplus, defined as the difference between the reservation prices of the two highest valuation bidders. This strategy is not optimal when considering common-value auctions, where all bidders value the good similarly but the true value of the good is unknown. The bidder in this case can improve his strategy by bidding lower than his best estimate when: 1) He has less information relative to other bidders about the object’s true value 2) The number of bidders increase 3) He is less confident in his estimate of the true value Winner’s Curse tends to be a problem in price-sealed auctions with common values but not with private values because bidders must estimate the true value of the object without knowing the estimates of others. The graph below1 illustrates that bidders with extreme estimates (right tail of bids distribution) bid values that exceed the best estimate (mean of dotted distribution) and end up paying a price that exceeds the true value, generating negative surplus. In private values, unlike common values, the bidder will not change his valuation when he has knowledge of other bidders’ valuations. The bidder’s reservation price is a function of information...
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...Matching Markets & Auctions Bence Gábor Microeconomics BBCI 2015 (Summer Semester) Instructor: Prof. (FH) Mag. Dr. Ferry Stocker Table of Contents Table of Contents 2 Introduction 3 Matching Markets 3 Finding the best match 3 Auctions 4 Auction formats: 4 Private values vs Common values: 5 Bidding strategies: 5 Glossary 6 Bibliography 7 Books: 7 Websites: 7 Graphs: 7 Introduction The aim of this report is to introduce matching markets and auctions in microeconomic level. These two might sound unfamiliar to many people, although they appear in our life almost on daily basis, we just do not usually recognize them. Matching Markets Markets can be thought as a prime example of network structured interaction between people (usually sellers and buyers) who interact with each other. A few of the basic examples of matchmaking from everyday life are marriage, applicants and colleges, students and dormitory rooms, students and universities, doctors and hospitals, and so on. Of course normally there are some constrains, otherwise there would be no need for any kind of market. For instance an organ donor’s blood type must be compatible with the patient’s, or a student has some expectations toward the available dormitories. Finding the best match The procedure of finding the best match is relatively easy when only one side of the market has preferences over its matches, like in the mentioned student-dorm example. In that case each student apply...
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...assignment 1 Auctions vs.“beauty contests” What is meant with “beauty contests”? In this case, « beauty contests » refer to specific auction mechanisms in which the auctioneer does not reveal information about the decision making process of the winning bidder. In « beauty contests », the bidding companies do not have access to the government’s preferences and intentions. This uncertainty context encourages companies to collude between them. Show that profit maximizing q*,p* are independent of a onceand-for-all lump sum payments: 2) How (not) to run auctions In the year 2000, there were auctions of spectrum rights for third generation mobile telephones in several European countries. These auctions generated very different amounts of revenue in different countries. How can this be explained? In the European 3G telecom auctions, different countries earned different revenues. These inequalities are mainly due to the auctions designs. The most important considerations in auction design are the ability to attract entries and the prevention of collusion. If we want to design a good auction we have to take into consideration the level of information the bidders have access to and also the knowledge they have been able to gain from previous auctions. The setting of an adapted reserve price is also crucial, it should not be similar to the one of Switzerland or Germany. Also, it is important to keep in mind that there is not one « winning » auction design. It varies...
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...The Benefits of Electronic Reverse Auctions (e-RAs) in the Procurement Process The nature of business competition is changing drastically. One of the most profound changes currently transpiring in the world of business is the introduction of electronic commerce. The impact of electronic commerce (ecommerce, or EC) on procurement, shopping, business collaboration, and customer services as well as on delivery of various services is so dramatic that almost every organization is affected. In this paper, I will show how electronic reverse auctions (e-RAs) is very significant in the federal procurement process by saving money, time and maximizes supplier competition. Reverse auctions gained popularity with the emergence of Internet-based online auction tools. Today, reverse auctions are used by federal, state and private agencies to purchase raw materials, supplies and services. The Reverse Auction Process In the traditional auctions, also referred to as forward auctions, a seller offers a product that is demanded by several buyers who compete and bid up the price. The highest bidder wins and buys the product. In a reverse auction, it is the buyer who is in control of the process. The buyer is interested in an item offered by a number of sellers who compete and lower their price in order to get the deal. Unlike traditional auctions that occur at physical locations, reverse auctions are accessed online, through web browsers, via private software companies known as “market makers...
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...Different aspects of online auctions, eBay. For assessor only | | 1. Content | | 2. Language structure | | 3. Language accuracy | | 4. Language: format & citing/referencing | | Overall: | | Advisory grade | | Assessor’s initials | | Maastricht UniversitySchool of Business & Economics | Place & Date: | Maastricht, 10-12-2012. | Name, initials: | Elemans, DP | ID number: | I6049135 | Study | International Business | Course Code: | EBC1009 | Group number | 36 | Tutor name: | Nikita Krugljakov | Writing tutor name: | Gaye van Denderen | Writing Assignment | Main Paper (Task 10) | Your UM email address: d.elemans@studentmaastrichtuniversity.nl Table of contents: 1. Introduction 2. Advantages and disadvantages of online auction 2.1 Advantages 2.2 Disadvantages 3. Different types of auctions 3.1 English auction 3.2 Dutch auction 3.3 First-price sealed bid auction 3.4 Second-price sealed bid auction 4. Different methods of bidding 5. Winner’s curve. 6. Example of bidding, using game theory. 7. Conclusion 8. Reference list 9. List of figures and tables 1. Introduction The internet itself started in the sixties in the United States. It has had massive growths and has given the population some very useful tools. The most current development is internet auction, also called online auction. Online auction is a service in which auction users or participants sell or bid for products or services via the...
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...LAB PROJECT REPORT LAW OF TENDERS AND AUCTIONS PGPM 2010-12 TERM 1 TABLE OF CONTENTS 1. Auction and tender.……………………………………………………………………………………………………………….......3 2. Auction………………...……………………………………………………………………………………………………………….......3 2.1 Legal Aspect as per The Sale of Goods Act, 1930...............................................................3 2.1.1 Legal Rules Regarding Auction.............................................................................3 2.2 Legal Aspect as per The Indian Contract t, 1872................................................................4 2.3 Auction Terminologies…………………………………….................................................................6 3. Tender………………..………………………………………………………………………………………………………………….......6 3.1 Legal Aspect as per The Indian Contract t, 1872................................................................6 3.1.1 Acceptance and withdrawal of tenders...............................................................6 3.1.2 No Obligation to Accept Lowest Tender..............................................................7 3.2 Tenders Terminology……………….………….………..................................................................8 3. Judicial Pronouncements and Analysis………………………………...........................................................9 3.1 Auction…………..…………………………………..............................
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...Online Auction Online Auction Ebay is an online auction service that allows people to sell merchandise and potential buyers to place bids on a variety of items. The length of a auction can last anywhere from a couple days to a couple weeks. While the auction is going on people are all making bids on the merchandise that they are interested in buying. At the end of the auction the person with the highest bid has won the item. The items that are on Ebay range from trading cards to automobiles. In order to buy or sell anything on Ebay a person has to create a profile and after this is done then they can began the process of either buying or selling. Some of the advantages of using Ebay are that it is an online marketplace where you can buy things from all over the world, without leaving your home. You can get things that you would never think anyone would bother to sell, and you can get them cheaply. The search engine allows you to find things that you weren’t even actually looking for. Not only that, but you can send money quickly and electronically to almost all of these sellers, without worrying about currency conversion or exchange rates or anything else. Now some of the disadvantages of using Ebay are that some people never really thought about how much it cost to send even the smallest thing to the other side of the world. The prices sometimes are very high and it will make people think twice about using Ebay. Then another thing is that Ebay is packed...
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...2013 MANAGERIAL ECONOMICS GROUP PROJECT: “US TREASURY BILLS AUCTION PRICING: ANALYSIS OF THE STRUCTURE AND PROCESSES” Professor: Done by: The goal of this paper was to analyze and explain the auction system process held by US Treasury and the possible alternatives for it (multiple-pricing auction). Introduction. The U.S. Treasury Department regularly borrows to finance the Federal Government's debt. From 1980 to 2006, the public debt of the United States grew from $930 billion to $8.68 trillion. Approximately one-half of that debt is held in Treasury bills, notes, and bonds, or "treasuries." The Treasury Department sells these securities at auctions held at the Federal Reserve Bank of New York, and the Bureau of Public Debt (BPD) in Washington, D.C. The rest of the debt is held mostly in federal and federally sponsored agency securities and U.S. Savings Bonds, and is not sold through the auction process.1 The modern auction process for bills, notes, and bonds begins with a public announcement by the Treasury. A typical announcement might read, "The Treasury will auction $11,000 million of 91-day bills to refund $9,000 million of maturing securities and to raise about $2,000 million new cash." This statement clearly describes the 2 goals of Treasury: to refund old debt and to raise new funds. Such announcement is carried by...
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...1 INTERNET AUCTIONS AND GAME THEORY Table of content I. INTRODUCTION ................................................................................................................................................ 3 II. MAIN PART........................................................................................................................................................ 4 1. EBAY AND INTERNET AUCTIONS TYPES ............................................................................................................................ 4 2. E-‐BAY BIDDING PROCESS.................................................................................................................................................... 5 3. BIDDING STRATEGIES UNDER GAME THEORY ................................................................................................................. 5 A. Proxy Biding ................................................................................................................................................................... 6 B. Bid Sniping ...................................................................................................................................................................... 6 Bid Sniping: the Optimum Game Theory Strategy to Win Online ...
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...Online Auction 2 Online Auction EBay is a great system for sellers that want to cut out the intermediary like pawnshops and other stores that will buy valuables from someone. EBay is set up almost identical to an auction; the only difference is that it is online and people anywhere in the United States or even outside the country can view items that someone may have for sale. A seller takes photos of the item they wish to sell and set up an EBay account. Then, they go through the guided menus and add in information and the price they want to get for the item. People can bid on an item and it goes to the highest bidder at the end of the allotted time. For small sellers, a disadvantage is not being able to sell an item with the buy it now price and they have to wait for buyers that may or may not make it to the price. Another disadvantage is that people are more cautious when buying from sellers with little or no feedback. For larger sellers, having this negative feedback could make buyers hesitant to buy. Larger scale sellers also have access to different features and appear in online searches through Google. These features become available with more sales. If I did open my own E-Tail I would use eBay. My reasoning simply is that it is a website everyone knows of or has at least heard of, and it is available when doing normal online searches. It allows the seller to get the lowest amount they wish to receive for a product, but has potential for the seller to get more than...
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...Reverse Auctions: A reverse auction is a type of auction in which the roles of buyer and seller are reversed. In an ordinary or forward auction, buyers compete to obtain a good or service by offering increasingly higher prices. But in a reverse auction, the sellers compete to obtain business from the buyer and the participants place lower and lower bids, until the lowest bidder wins. A reverse auction is similar to a unique bid auction as the basic principle remains the same, however a unique bid auction follows the traditional auction format more closely as each bid is kept confidential and one clear winner will emerge at the completion of the auction. . The reverse auction has been widely used by many organizations and is aimed at reducing costs and sourcing services or products at the lowest possible price from the participating suppliers. Some of the benefits are: A reverse auction provides buyers with the most competitively priced solution to their needs by pitching suppliers against each other to be the one offering the lowest-priced bid. It saves time in the procurement process and also streamlines the procurement process as well as reduces the need to send a different request for proposal to each potential supplier. It equally has some disadvantages that makes it a bad method like creating problems when proper controls are not put in place. Competition for the lowest price can make some suppliers to cut corners to maximize benefit or even send them out of business...
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...Online Auction Brandy Greiner XBIS/219 29 April 2011 EBay is an online internet site that allows people from all over the world to bid on a variety of products new and used that are located all over the world. EBay offers you a way to place your items up for sale and turn a profit through an auction type setting but, it is all done entirely online. Depending on the product you are selling and the amount you set your reserve at you will be charged a fee for placing your product online. If the product does not sell or the person who purchases does not pay then you will be able to relist the product for no charge. The advantage to selling online is that you are able to sell to people all over the world in all types of settings. Just because you no longer need something it does not mean that there is not someone out there who needs the product you are looking to get rid of. This environment allows you to still do your regular day to day tasks as well as sell goods through the auction so you will not be losing out on income from anywhere else. The disadvantages are that you may get ripped off by people who use credit cards or pay pal accounts that no longer work. In this instance you will have to report a grievance to eBay so that you are able to get your money back and that person will be penalized for their actions. Another disadvantage would be that you keep placing items up there and not selling them which would result in a loss of money for you if you pay to place items...
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...The Benefits of Electronic Reverse Auctions (e-RAs) in the Procurement Process The nature of business competition is changing drastically. One of the most profound changes currently transpiring in the world of business is the introduction of electronic commerce. The impact of electronic commerce (ecommerce, or EC) on procurement, shopping, business collaboration, and customer services as well as on delivery of various services is so dramatic that almost every organization is affected. In this paper, I will show how electronic reverse auctions (e-RAs) is very significant in the federal procurement process by saving money, time and maximizes supplier competition. Reverse auctions gained popularity with the emergence of Internet-based online auction tools. Today, reverse auctions are used by federal, state and private agencies to purchase raw materials, supplies and services. The Reverse Auction Process In the traditional auctions, also referred to as forward auctions, a seller offers a product that is demanded by several buyers who compete and bid up the price. The highest bidder wins and buys the product. In a reverse auction, it is the buyer who is in control of the process. The buyer is interested in an item offered by a number of sellers who compete and lower their price in order to get the deal. Unlike traditional auctions that occur at physical locations, reverse auctions are accessed online, through web browsers, via private software companies known as “market...
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...Online Auction Name Here XBIS/219 Date Instructor Online Auction The largest online auction site in the world is eBay. People from all over the world come to eBay to buy and sell items. For an individual to sell an item on eBay, a seller must first create an eBay account and a PayPal account. Once the eBay account is created the seller can upload a picture and provide a brief description of the item that he or she wishes to sell. The seller can choose the price of an item to include prices for shipping and returning. Once the item is posted the seller has the option to pay an additional fee to include a “Buy It Now” tab. The “Buy It Now” tab allows buyers to purchase an item for a specific price rather than waiting until the closing time of an item. If the buyers choose to place bids on an item, the seller then can determine which bids for an item he or she wishes to take (eBay, 2011). Some advantages to both small and large scale sellers with eBay is the website’s popularity. There are over 180 million members, creating an enormous market for sellers. Another advantage of eBay to both small and large scale sellers is the convenience. Sellers can post items to sell without worrying about following internet regulation and policies. Some of the disadvantages for both small scale and large scale sellers are the profit losses associated with eBay. There are many fees that eBay charges it sellers such as a listing fee, final value fee, and fees...
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