|
Ascending-price Mechanism
An English auction is an open-outcry ascending dynamic auction. It proceeds as follows. * The auctioneer opens the auction by announcing a suggested opening bid, a starting price, or a reserve for the item on sale. * Then the auctioneer accepts increasingly higher bids from the floor and sometimes from other sources, for example online or telephone bids. The auctioneer usually determines the minimum increment of bids, often making them larger as bidding reaches higher levels. * The highest bidder at any given moment is considered to have the standing bid, which can only be displaced by a higher bid from a competing buyer. * If no competing bidder challenges the standing bid within the time allowed by the auctioneer, the standing bid becomes the winner, and the item is sold to the highest bidder at a price equal to their bid. *If no bidder accepts the starting price, the auctioneer either begins to lower the starting price in increments, or bidders are allowed to bid prices lower ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Open Outcry
Open outcry is a method of communication between professionals on a stock exchange or futures exchange, typically on a trading floor. It involves shouting and the use of Hand signaling (stock market), hand signals to transfer information primarily about buy and sell orders. floor trading hand signals The part of the trading floor where this takes place is called a ''pit''. In an open outcry auction, Bidding, bids and offers must be made out in the open market, giving all participants a chance to compete for the order with the best price. New bids or offers would be made if better than previous pricing for efficient price discovery. Exchanges also value positions marked to these public market prices on a daily basis. In contrast, Over-the-counter (finance), over-the-counter markets are where bids and offers are negotiated privately between principals. Since the development of the stock exchange in the 17th century in Amsterdam, open outcry was the main method used to co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sovereign State
A sovereign state is a State (polity), state that has the highest authority over a territory. It is commonly understood that Sovereignty#Sovereignty and independence, a sovereign state is independent. When referring to a specific polity, the term "country" may also refer to a constituent country, or a dependent territory. A sovereign state (polity), state is required to have a permanent population, defined territory, a government not under another, and the capacity to International relations, interact with other sovereign states. In actual practice, recognition or non-recognition by other states plays an important role in determining the status of a country. List of states with limited recognition, Unrecognized states often have difficulty engaging in Diplomacy, diplomatic relations with other sovereign states. History Since the end of the 19th century, almost the entire globe has been divided into sections (countries) with more or less defined borders assigned to different sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Incentive-compatible
In game theory and economics, a mechanism is called incentive-compatible (IC) if every participant can achieve their own best outcome by reporting their true preferences. For example, there is incentive compatibility if high-risk clients are better off in identifying themselves as high-risk to insurance firms, who only sell discounted insurance to high-risk clients. Likewise, they would be worse off if they pretend to be low-risk. Low-risk clients who pretend to be high-risk would also be worse off. The concept is attributed to the Russian-born American economist Leonid Hurwicz. Typology There are several different degrees of incentive-compatibility: * The stronger degree is dominant-strategy incentive-compatibility (DSIC). This means that truth-telling is a weakly-dominant strategy, i.e. you fare best or at least not worse by being truthful, regardless of what the others do. In a DSIC mechanism, strategic considerations cannot help any agent achieve better outcomes than the tru ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jump Bidding
In auction theory, jump bidding is the practice of increasing the current price in an English auction, substantially more than the minimal allowed amount. Puzzle At first glance, jump bidding seems irrational. Apparently, in an English auction, it is a dominant strategy for each buyer whose price is above the displayed price, to always bid the minimal allowed increment (e.g. one cent) above the displayed price. By bidding higher, the bidder gives up the opportunity to win the item at a lower price. However, in practice buyers increase the displayed price much more than the minimal allowed increment. Buyers may even sometimes offer an increase on their own high bid, seemingly irrationally. Several explanations have been suggested to this behavior. Reducing bidding costs When bidding is costly, or when time is costly, jump-bidding allows the bidders to reduce their total costs and get to the outcome faster. Signaling Consider two veteran bidders, that compete with each ot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Japanese Auction
A Japanese auction (also called ascending clock auction) is a dynamic auction format. It proceeds in the following way. * An initial price is displayed. This is usually a low price - it may be either 0 or the seller's reserve price. * All buyers that are interested in buying the item at the displayed price enter the auction arena. * The displayed price increases continuously, or by small discrete steps (e.g. one cent per second). * Each buyer may exit the arena at any moment. * No exiting buyer is allowed to re-enter the arena. * When a single buyer remains in the arena, the auction stops. The remaining buyer wins the item and pays the displayed price. Strategies Suppose a buyer believes that the value of the item is ''v''. Then this buyer has a simple dominant strategy: stay in the arena as long as the displayed price is below ''v''; exit the arena whenever the displayed price equals ''v''. This means that the Japanese auction is a truthful mechanism: it is always best to act a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Candle
A candle is an ignitable candle wick, wick embedded in wax, or another flammable solid substance such as tallow, that provides light, and in some cases, a Aroma compound, fragrance. A candle can also provide heat or a method of keeping time. Candles have been used for over two millennia around the world, and were a significant form of indoor lighting until the invention of other types of light sources. Although electric light has largely made candle use nonessential for illumination, candles are still commonly used for functional, symbolic and aesthetic purposes and in specific cultural and religious settings. Early candles may be made of beeswax, but these candles were expensive and their use was limited to the elite and the churches. Tallow was a cheaper but a less aesthetically pleasing alternative. A variety of different materials have been developed in the modern era for making candles, including paraffin wax, which together with efficient production techniques, made can ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Candle Auction
A candle auction, or auction by the candle, is a variation on the typical English auction. It consists of bidding for as long as one or two candles are lit. Bidding ceases as soon as the candles have burned out. England Candle auction became popular in the 17th and 18th centuries. In a candle auction, the end of the auction is signaled by the expiration of a candle flame, which was intended to ensure that no one could know exactly when the auction would end and make a last-second bid. Sometimes, other unpredictable processes, such as a footrace, were used in place of the expiration of a candle. Auction by the candle was known in England by 1641, when it is mentioned in the records of the House of Lords. The practice rapidly became popular, and in 1652, John Milton wrote, "The Council thinks it meet to propose the way of selling by inch of candle, as being the most probable means to procure the true value of the goods." Samuel Pepys's diary of his London life records two occa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Housing Cooperatives
A housing cooperative, or housing co-op, is a legal entity which owns real estate consisting of one or more residential buildings. The entity is usually a cooperative or a corporation and constitutes a form of housing tenure. Typically housing cooperatives are owned by shareholders but in some cases they can be owned by a non-profit organization. They are a distinctive form of home ownership that have many characteristics that differ from other residential arrangements such as single family home ownership, condominiums and renting. The cooperative is membership based, with membership granted by way of a share purchase in the cooperative. Each shareholder in the legal entity is granted the right to occupy one housing unit. A primary advantage of the housing cooperative is the pooling of the members' resources so that their buying power is leveraged; thus lowering the cost per member in all the services and products associated with home ownership. Another key element in som ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
France
France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlantic, North Atlantic, the French West Indies, and List of islands of France, many islands in Oceania and the Indian Ocean, giving it Exclusive economic zone of France, one of the largest discontiguous exclusive economic zones in the world. Metropolitan France shares borders with Belgium and Luxembourg to the north; Germany to the northeast; Switzerland to the east; Italy and Monaco to the southeast; Andorra and Spain to the south; and a maritime border with the United Kingdom to the northwest. Its metropolitan area extends from the Rhine to the Atlantic Ocean and from the Mediterranean Sea to the English Channel and the North Sea. Its Regions of France, eighteen integral regions—five of which are overseas—span a combined area of and hav ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auction
An auction is usually a process of Trade, buying and selling Good (economics), goods or Service (economics), services by offering them up for Bidding, 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, 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, contexts. These contexts include antiques, Art auction, paintings, rare collectibles, expensive wine auction, wines, commodity, commodities, l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Signal
A signal is both the process and the result of transmission of data over some media accomplished by embedding some variation. Signals are important in multiple subject fields including signal processing, information theory and biology. In signal processing, a signal is a function that conveys information about a phenomenon. Any quantity that can vary over space or time can be used as a signal to share messages between observers. The '' IEEE Transactions on Signal Processing'' includes audio, video, speech, image, sonar, and radar as examples of signals. A signal may also be defined as observable change in a quantity over space or time (a time series), even if it does not carry information. In nature, signals can be actions done by an organism to alert other organisms, ranging from the release of plant chemicals to warn nearby plants of a predator, to sounds or motions made by animals to alert other animals of food. Signaling occurs in all organisms even at cellular leve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dutch Auction
A Dutch auction is one of several similar types of auctions for buying or selling goods. Most commonly, it means an auction in which the auctioneer begins with a high offer price in the case of selling, and lowers it until some participant accepts the price, or it reaches a predetermined reserve price. This type of price auction is most commonly used for goods that are required to be sold quickly such as flowers, fresh produce, or tobacco. A Dutch auction has also been called a ''clock auction'' or ''open-outcry descending-price auction''. This type of auction shows the advantage of speed since a sale never requires more than one bid. It is strategically similar to a first-price sealed-bid auction. History Herodotus relates an account of a descending price auction in Babylon, suggesting that market mechanisms similar to Dutch auctions were used in ancient times. Descending-price auctions were used in 17th-century Holland for estate sales and paintings. The Dutch manner of au ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
