Auction theory

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  • London Bus Tendering Case Study

    1995); and lower bid prices as the number of bids exceeds four (Kennedy, 1995b). PART B: PRINCIUPLES OF BUS TENDERING We mean by tendering “the allocation [by government agency] of a protected or exclusive right to exploit or carry out an activity” (Baldwin and Cave, 1999) such that “consumers or the public gain an advantage – for example, an efficiently produced and competitively priced service” (ibid.). In the remainder of this section, we will cover: market failure in the bus industry; the role of tendering; the key decisions; the difficulties; and a conclusion drawn from principles. Part C will then examine the practice.. Market failure in the bus industry For the purposes of this paper, we subscribe to the public interest theory of regulation: that is, it is the potential for market failure which We will examine four sources of market failure, viz: the existence of natural monopoly; the nature of the product; the working of the market; and second-best considerations. We consider each in turn. Natural monopoly An industry is a natural monopoly if one firm can supply more efficiently than two or more firms. For an industry producing a single, homogeneous product, this boils down to the existence of economies of scale being sufficient (but not necessary) for a natural monopoly to exist. In such a case, it is desirable that only one firm be present in the market. Where the industry produces multiple, differentiated products, the existence of scale…

    Words: 9069 - Pages: 37
  • Ebay Case Study Analysis

    Omidyar first started the company back in 1995, he structured the company using only the typical functional design of small businesses, however, for eBay to remain viable in their industry, it is crucial that they acquire a growth strategy. Based on the details in the case analysis, the leadership team decided to consider purchasing other companies that also provided online auctions. Companies such as, which is an online shopping site, unlike eBay, the sellers offer items at a fixed…

    Words: 902 - Pages: 4
  • Market Dojo Case Study

    reinvesting 40% of their Returns on investment into research and development. MD’s dynamic and multitasking platform allows for customization making their e-auction software more viable. Also using the Cloud computing paradigm, which has a catalogue of advantages on network collaboration, back office support, shows their awareness and technology savvy. Their proactivity in the market is shown through developing new products such as Category Dojo, Innovation Dojo, Samurai Dojo and Sim…

    Words: 1109 - Pages: 4
  • Analysis Of The Arch Android And The Electric Lady By Janelle Monae

    appealing. The beats and lyrics she use are very catchy and upbeat. When she made the song Many Moons she attached a message about African American history. In the Many Moons ' narrative of an android auction, Janelle Monae represents the human struggle between freedom and oppression. She demonstrates ways that the androids resist oppression because of hope for freedom. In the video the androids are being controlled in many ways like how people have been controlled…

    Words: 828 - Pages: 4
  • Critical Thinking Creative Writing

    My annoying alarm clock howled at three in the morning. I dragged myself out of bed and went to the bathroom. I felt like a zombie while my fingers dragged the toothbrush side to side to brush my teeth. I splashed freezing cold water on my face to get revived. I drowsily put my suit on and I patiently waited for my father to tell me to start the car. I hoped that he would not wake up, or that it would be an eternity before he actually ordered me to do this task. He finally asked me to start the…

    Words: 1532 - Pages: 6
  • Objective Writing In The Workplace

    Now and then a viewer of an auction item would get a detail about the item itself. Most sellers describe Tom 's Natural Toothpaste as what people can expect from their newly purchased toothpaste. One active auction had a disclaimer stating that “Some boxes arrived with slight dents/bends on them. You should not make this purchase if this will disappoint you. Also, this toothpaste shipped with cinnamon and you may see or smell evidence of that. Thanks.” - jgventures2011, Ebay Seller (9563…

    Words: 1510 - Pages: 7
  • Ebay Five Forces Analysis Essay

    that eBay has some competitive pressures they have to deal with to maintain a market share and competitive advantage. Rivalry is high among competitors in the on-line auction industry, and e bay not only faces competition from other on-line sources but offline sources as well. The ease of entry into this industry would be considered a medium to high pressure. It leans toward the medium side because the e-commerce market is characterized by low barriers to entry which has encouraged…

    Words: 1025 - Pages: 4
  • Values And Values Of Science

    The tools of science are not the apparati with which science is executed, such as scales and telescopes, nor the theories science generates to explain things, though both are useful instruments in their own right. I refer instead to the habitual processes which science relies upon. The most prominent tool is the scientific method which serves to direct one 's inquiry. Other useful tools include gathering data, controlling for variables, and repeating experiments. When I talk about the values of…

    Words: 1449 - Pages: 6
  • Rhetorical Strategies Of Carl Sagan

    Shermer explains that there is an amateur archeologist who studied how the pyramids were built. He couldn’t explain how they were made because he had no evidence. He believed they were constructed by space aliens. Sagan believes there’s a dragon in his garage, but can’t explain if it’s actually there because he has no real evidence to show that there’s an actual dragon in his garage. He then experiments his theory, according to Sagan the dragon is invisible. In his experiment he spreads flour…

    Words: 1128 - Pages: 5
  • The Importance Of Psychology As A Science

    controlled methods, observable data, physical evidence, and the subsequent analysis are the work of science, called research. Research is the essence of the scientific field, and it is the formula for approaching building blocks, which expand out understanding of occurrences in the natural world. This approach to expanding human understanding, as it is based on understanding through experimental investigation of phenomena, requires a strict adherence to the principles of controlled observation…

    Words: 3048 - Pages: 13
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