文档介绍：Chapter 6 web auctions
1. Auction overview
Web auction: bring together people who share narrow interests but are geographically dispersed.
basic concepts
auctions: a seller offer an item buyers offer bids auctioneer
② six major auction types
a. English auctions:
Features: ascending-price auction, starting from
a low price ,bidding increases until no bidder
is willing to bid higher.
Reserve price: minimum bid
Yankee auctions: multiple units of an item
All essful bidders only pay the price bid by
the lowest essful bidder.
. A seller places 9 items for bid
The highest bidder, bid $85, quantity 5
The second-highest bidder, bid $83, quantity 3
The third-highest bidder, bid $81, quantity 4
Results: all three of the bidders, pay $81 per item.
The highest bidder 5
The second-highest bidder 3
The third-highest bidder 1
Drawbacks: winner’s curse
b. Dutch auction:
Features: ①descending-price auctions:
starting from a high price, bidding
automatically decreases until the
bidder accepts the price.
②good for moving large numbers of
items.
c. First-price sealed-bid auctions
Features: bidders submit their bids independently
and don’t share information with each other.
① secret bidding process
② the highest bidder pays the amount of the
highest bid.
d. Second-price sealed-bid auctions
= Vickrey auctions
Features:
① secret bidding process
② the highest bidder pays the amount of the second-highest bid
e. Open-outcry double auction
Features: the auctioneer matches seller offers
with buyer offers
f. Sealed-bid double auction
2. Web auction and related auction
Categories of web auction
general consumer auction
special consumer auction
business-to-business auction