Columbia Southern University Value of Auctions in The Economy Essay

Description

Instructions
Auctions can be an important tool for  selling goods and gathering information. Auctions are used in multiple  venues including agriculture, eBay, and distressed asset sales. The  seller does not have to worry about estimating demand and setting a  price because the demanders will do that through the auction process. 
Write an essay examining the value of auctions in the economy by addressing the following items. 
Explain the difference between oral auctions and second-price auctions, including how they work and their results. 
Use the expected value information to illustrate how having  more bidders in an oral auction will likely result in a higher winning  bid. 

Explanation & Answer:
3 pages

Tags:
Information

Value of Auctions

selling goods

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