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Bidding Fever
Calor licitantis is a Latin phrase, the literal translation of which is, "heat of soliciting." The functional use of the phrase in both modern times and antiquity is "bidder's heat". This is also known as "auction fever". Origins The phenomenon of calor licitantis is believed to be as old as auctions themselves. This term was first used in the court system of Rome to describe the irrational behavior of bidders at auctions. The use of the phrase seemed to describe both the mental state of the bidder and the result of that state; specifically, that through the bidding process undertaken by one suffering from ''calor licitantis'', the price of an item was driven above and beyond its typical or expected value. Bidder's Heat in Antiquity According to the Corpus Juris Civilis, the official body of Roman law, a bidder could be released from their bond to a purchase if ''calor licitantis'' had led to inflation of the price of the item in question such that the bidder could not rea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rome
, established_title = Founded , established_date = 753 BC , founder = King Romulus (legendary) , image_map = Map of comune of Rome (metropolitan city of Capital Rome, region Lazio, Italy).svg , map_caption = The territory of the ''comune'' (''Roma Capitale'', in red) inside the Metropolitan City of Rome (''Città Metropolitana di Roma'', in yellow). The white spot in the centre is Vatican City. , pushpin_map = Italy#Europe , pushpin_map_caption = Location within Italy##Location within Europe , pushpin_relief = yes , coordinates = , coor_pinpoint = , subdivision_type = Country , subdivision_name = Italy , subdivision_type2 = Region , subdivision_name2 = Lazio , subdivision_type3 = Metropolitan city , subdivision_name3 = Rome Capital , government_footnotes= , government_type = Strong Mayor–Council , leader_title2 = Legislature , leader_name2 = Capitoline Assemb ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corpus Juris Civilis
The ''Corpus Juris'' (or ''Iuris'') ''Civilis'' ("Body of Civil Law") is the modern name for a collection of fundamental works in jurisprudence, issued from 529 to 534 by order of Justinian I, Byzantine Emperor. It is also sometimes referred to metonymically after one of its parts, the Code of Justinian. The work as planned had three parts: the ''Code'' (''Codex'') is a compilation, by selection and extraction, of imperial enactments to date; the '' Digest'' or ''Pandects'' (the Latin title contains both ''Digesta'' and ''Pandectae'') is an encyclopedia composed of mostly brief extracts from the writings of Roman jurists; and the ''Institutes'' (''Institutiones'') is a student textbook, mainly introducing the ''Code'', although it has important conceptual elements that are less developed in the ''Code'' or the ''Digest''. All three parts, even the textbook, were given force of law. They were intended to be, together, the sole source of law; reference to any other source, inclu ... [...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] |
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