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Auction
An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory. The open ascending price auction is arguably the most common form of auction and has been used throughout history. Participants bid openly against one another, with each subsequent bid being higher than the previous bid. An auctioneer may announce prices, while bidders submit bids vocally or electronically. Auctions are applied for trade in diverse contexts. These contexts include antiques, paintings, rare collectibles, expensive wines, commodities, livestock, radio spectrum, used cars, real estate, online advertising, vacation packages, emission trading, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Spectrum Auction
A spectrum auction is a process whereby a government uses an auction system to sell the rights to transmit signals over specific bands of the electromagnetic spectrum and to assign scarce spectrum resources. Depending on the specific auction format used, a spectrum auction can last from a single day to several months from the opening bid to the final winning bid. With a well-designed auction, resources are allocated efficiently to the parties that value them the most, the government securing revenue in the process. Spectrum auctions are a step toward market-based spectrum management and privatization of public airwaves, and are a way for governments to allocate scarce resources. Alternatives to auctions include administrative licensing, such as the comparative hearings conducted historically (sometimes referred to as "beauty contests"), or lotteries. Innovation In the past decade, telecommunications has turned into a highly competitive industry where companies are competing to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auction Theory
Auction theory is an applied branch of economics which deals with how bidders act in auction markets and researches how the features of auction markets incentivise predictable outcomes. Auction theory is a tool used to inform the design of real-world auctions. Sellers use auction theory to raise higher revenues while allowing buyers to procure at a lower cost. The conference of the price between the buyer and seller is an economic equilibrium. Auction theorists design rules for auctions to address issues which can lead to market failure. The design of these rulesets encourages optimal bidding strategies among a variety of informational settings. The 2020 Nobel Prize for Economics was awarded to Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats.” Introduction Auctions facilitate transactions by enforcing a specific set of rules regarding the resource allocations of a group of bidders. Theorists consider auctions to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reverse Auction
A reverse auction (also known as buyer-determined auction or procurement auction) is a type of auction in which the traditional roles of buyer and seller are reversed. Thus, there is one buyer and many potential sellers. In an ordinary auction also known as a forward auction, buyers compete to obtain goods or services by offering increasingly higher prices. In contrast, in a reverse auction, the sellers compete to obtain business from the buyer and prices will typically decrease as the sellers underbid each other. A reverse auction is similar to a unique bid auction because 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 is defined after the auction finishes. For business auctions, the term refers to a specific type of auction process (also called e-auction, sourcing event, e-sourcing or eRA, eRFP, e-RFO, e-procurement, B2B Auction). Open procurement pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auto Auction
Auto auctions are a method of selling vehicles based on an auction system. Auto auctions can be found in most countries and are usually exclusive to licensed automobile dealers. In a few countries, such as Japan, auto auctions are well known and used by most residents. Country specific Japan Auto auctions are the most popular method to sell used vehicles in Japan. Most customers are Japanese seeking a cheap vehicle to start with or replace their older vehicle. There are many also trying to sell their vehicles. Individuals though cannot directly use auto auctions, but must go through those holding auction membership. In Japanese law, only dealerships may become members to auto auctions. The system allows people to have access to information, but keeps the auctions orderly with only professionals actually able to bid. A small percentage of the dealers that are members of Japanese auto auctions are also used vehicle exporters that most often use the auto auctions as their pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bidding
Bidding is an offer (often competitive) to set a price tag by an individual or business for a product or service ''or'' a demand that something be done. Bidding is used to determine the cost or value of something. Bidding can be performed by a person under influence of a product or service based on the context of the situation. In the context of auctions, stock exchange, or real estate, the price offer a business or individual is willing to pay is called a bid. In the context of corporate or government procurement initiatives, in Business and Law school students actively bid for high demand elective courses that have a maximum seat capacity though a course bidding process using pre allocated bidding points or e-bidding currency on course bidding systems. The price offer a business or individual is willing to sell is also called a bid. The term "bidding" is also used when placing a bet in card games. Bidding is used by various economic niches for determining the demand and h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wine Auction
A wine auction may also auction other alcoholic beverages than wine. There are two basic types of wine auctions: ''first hand wine auctions'', where wineries sell their own wines, and ''second hand wine auctions'', arranged by auction houses or other auctioneers to make it possible for any owners of wine to trade it. In most cases, the wines traded at wine auctions are collectible "fine wines" typically suitable for extended cellaring. Second-hand buyers may be looking for mature wines which are no longer available first-hand. In all types of auction the auctioneer charges commission to both buyers and sellers. First hand auctions First hand wine auctions are usually arranged by wine industry organisations, and fill promotional or charitable purposes, or are used to gauge the market. The wines sold at such auctions are usually special lot wines, or back vintages stored by the producers. An example of such auctions is the annual wine auction held by Hospices de Beaune in Burgundy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auctions In Ancient Greece
Auctions in ancient Greece were are events in which goods were sold through an open bidding process between multiple buyers, the highest bidder receiving the goods. In a public auction, goods belonging to the state were sold, whereas private auctions sold goods belonging to individuals and identity of the seller was private. Goods that were often sold at auction include, land, the ability to collect taxes, slaves, seized goods, and inheritances. Auctions have progressed to the exciting event we know today from a very long history that started in ancient Greece. Private and public auctions There were two types of auctions in Ancient Greece. In a public auction, goods belonging to the government were sold and the identity of the seller was made public. These auctions also organized by public officials. Sometimes these officials were more closely affiliated to the military, and sometimes they were civil authorities. Public auctions were often used as a quick and easy way to raise ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Emission Trading
Emissions trading is a market-based approach to controlling pollution by providing economic incentives for reducing the emissions of pollutants. The concept is also known as cap and trade (CAT) or emissions trading scheme (ETS). Carbon emission trading for and other greenhouse gases has been introduced in China, the European Union and other countries as a key tool for climate change mitigation. Other schemes include sulfur dioxide and other pollutants. In an emissions trading scheme, a central authority or governmental body allocates or sells a limited number (a "cap") of permits that allow a discharge of a specific quantity of a specific pollutant over a set time period. Polluters are required to hold permits in amount equal to their emissions. Polluters that want to increase their emissions must buy permits from others willing to sell them. Emissions trading is a type of flexible environmental regulation that allows organizations and markets to decide how best to meet policy t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real-time Bidding
Real-time bidding (RTB) is a means by which advertising inventory is bought and sold on a per- impression basis, via instantaneous programmatic auction, similar to financial markets. With real-time bidding, advertising buyers bid on an impression and, if the bid is won, the buyer's ad is instantly displayed on the publisher's site. Real-time bidding lets advertisers manage and optimize ads from multiple ad-networks, allowing them to create and launch advertising campaigns, prioritize networks, and allocate percentages of unsold inventory, known as backfill. Real-time bidding is distinguishable from static auctions by how it is a per-impression way of bidding, whereas static auctions are groups of up to several thousand impressions. RTB is promoted as being more effective than static auctions for both advertisers and publishers in terms of advertising inventory sold, though the results vary by execution and local conditions. RTB replaced the traditional model. Research suggests that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Antiques
An antique ( la, antiquus; 'old', 'ancient') is an item perceived as having value because of its aesthetic or historical significance, and often defined as at least 100 years old (or some other limit), although the term is often used loosely to describe any object that is old. An antique is usually an item that is collected or desirable because of its age, beauty, rarity, condition, utility, personal emotional connection, and/or other unique features. It is an object that represents a previous era or time period in human history. Vintage and collectible are used to describe items that are old, but do not meet the 100-year criterion. Antiques are usually objects of the decorative arts that show some degree of craftsmanship, collectability, or an attention to design, such as a desk or an early automobile. They are bought at antiques shops, estate sales, auction houses, online auctions, and other venues, or estate inherited. Antiques dealers often belong to national trade ass ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liquidate
Liquidation is the process in accounting by which a company is brought to an end in Canada, United Kingdom, United States, Ireland, Australia, New Zealand, Italy, and many other countries. The assets and property of the company are redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation. The process of liquidation also arises when customs, an authority or agency in a country responsible for collecting and safeguarding customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry. Liquidation may either be compulsory (sometimes referred to as a ''creditors' liquidation'' or ''receivership'' following bankruptcy, which may result in the court creating a "liquidation trust") or voluntary (sometimes referred to as a ''shareholders' liquidation'', although some voluntary liquidations are controlled by the creditors). The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Roman Empire
The Roman Empire ( la, Imperium Romanum ; grc-gre, Βασιλεία τῶν Ῥωμαίων, Basileía tôn Rhōmaíōn) was the post- Republican period of ancient Rome. As a polity, it included large territorial holdings around the Mediterranean Sea in Europe, North Africa, and Western Asia, and was ruled by emperors. From the accession of Caesar Augustus as the first Roman emperor to the military anarchy of the 3rd century, it was a Principate with Italia as the metropole of its provinces and the city of Rome as its sole capital. The Empire was later ruled by multiple emperors who shared control over the Western Roman Empire and the Eastern Roman Empire. The city of Rome remained the nominal capital of both parts until AD 476 when the imperial insignia were sent to Constantinople following the capture of the Western capital of Ravenna by the Germanic barbarians. The adoption of Christianity as the state church of the Roman Empire in AD 380 and the fall of the Western ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
