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10 Cards in this Set

  • Front
  • Back
auction markets
markets in which products are bought and sold through formal bidding processes.
English (or oral) auction
auction in a seller actively solicits progressively higher bids from a group of potential buyers.
Dutch auction
auction in which a seller begins by offering an item at a relatively high price, then reduces it by fixed amounts until the item is sold.
sealed-bid auction
auction in which all bids are made simultaneously in sealed envelopes, the winning bidder being the individual who has submitted the highest bid.
first-price auction
auction in which the sales price is equal to the highest bid
second-price auction
auction in which the sales price is equal to the second-highest bid.
reservation price
the maximum amount of money that an individual will pay for a product.
private-value auction
auction in which each bidder knows his or her individual valuation of the object up for bid, with valuations differing from bidder to bidder.

e.g. a signed Michael Jackson card
common-value auction
auction in which the item has the same value to all bidders, but bidders do not know that value precisely and their estimates of it vary.

e.g. an offshore oil reserve
winner's curse
situation in which the winner of a common-value auction is worse off as a consequence of overestimating the value of the item and thereby overbidding.