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Marginal Price Auction
A multiunit auction is an auction in which several homogeneous items are sold. The units can be sold each at the same price (a uniform price auction) or at different prices (a discriminatory price auction). Uniform price auction A uniform price auction otherwise known as a "clearing price auction", pay-as-clear or marginal price auction, "marginal price system" (MPS), is a multiunit auction in which a fixed number of identical units of a homogenous commodity are sold for the same price. Each bidder in the auction may submit (possibly multiple) bids, designating both the number of units desired and the price he/she is willing to pay per unit. Typically these bids are sealed - not revealed to the other buyers until the auction closes. The auctioneer then serves the highest bidder first, giving them the number of units requested, then the second-highest bidder and so forth until the supply of the commodity is exhausted. All bidders then pay a per unit price equal to the lowest winn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Double Auction
A double auction is a process of buying and selling goods with multiple sellers and multiple buyers. Potential buyers submit their bids and potential sellers submit their ask prices to the market institution, and then the market institution chooses some price ''p'' that clears the market: all the sellers who asked less than ''p'' sell and all buyers who bid more than ''p'' buy at this price ''p''. Buyers and sellers that bid or ask for exactly ''p'' are also included. A common example of a double auction is stock exchange. As well as their direct interest, double auctions are reminiscent of Walrasian auction and have been used as a tool to study the determination of prices in ordinary markets. A double auction is also possible without any exchange of currency in barter trade. A barter double auction is an auction where every participant has a demand and an offer consisting of multiple attributes and no money is involved. For the mathematical modelling of satisfaction level Euclid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Electricity Market
In a broad sense, an electricity market is a system that facilitates the exchange of electricity-related goods and services. During more than a century of evolution of the electric power industry, the economics of the electricity markets had undergone enormous changes for reasons ranging from the technological advances on supply and demand sides to politics and ideology. A restructuring of electric power industry at the turn of the 21st century involved replacing the vertically integrated and tightly regulated "traditional" electricity market with multiple competitive markets for electricity generation, transmission, distribution, and retailing. The traditional and competitive market approaches loosely correspond to two visions of industry: the deregulation was transforming electricity from a public service (like sewerage) into a tradable good (like crude oil). As of 2020s, the traditional markets are still common in some regions, including large parts of the United Stat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vickrey–Clarke–Groves Auction
A Vickrey–Clarke–Groves (VCG) auction is a type of sealed-bid auction of multiple items. Bidders submit bids that report their valuations for the items, without knowing the bids of the other bidders. The auction system assigns the items in a socially optimal manner: it charges each individual the harm they cause to other bidders. It gives bidders an incentive to bid their true valuations, by ensuring that the optimal strategy for each bidder is to bid their true valuations of the items; it can be undermined by bidder collusion and in particular in some circumstances by a single bidder making multiple bids under different names. It is a generalization of a Vickrey auction for multiple items. The auction is named after William Vickrey, Edward H. Clarke, and Theodore Groves for their papers that successively generalized the idea. The VCG auction is a specific use of the more general VCG mechanism. While the VCG auction tries to make a socially optimal allocation of items, V ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Aalsmeer Flower Auction
Aalsmeer Flower Auction (''Bloemenveiling Aalsmeer'') is a flower auction that takes place in Aalsmeer, Netherlands. It is the largest flower auction in the world. The Aalsmeer Flower Auction building is the fourth largest building by footprint in the world, covering . Flowers from all over the world – Europe, Israel, Ecuador, Colombia, Ethiopia, Kenya, and other countries—are traded every day in this gigantic building. Around 43 million flowers are sold daily. This increases by around 15 percent around special days such as Valentine's Day and Mother's Day. Their flowers are subjected to around 30 quality checks so that they can be graded on a scale (A1, A2 and B). The auction is set up as a Dutch auction in which the price starts high and works its way down. Bidders get only a few seconds to bid on the flowers before they are sold and passed on to the new owner. On 1 January 2008, the auction company merged with its biggest competitor Royal FloraHolland Royal FloraHollan ... [...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 asking 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 auct ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brazilian Auction
A Brazilian auction is a certain set of rules for a reverse auction. The buyer communicates the price she or he is willing to pay for the whole lot in advance. Then, the sellers bid on how many identical units they are willing to provide at that price. Like in English auction, bidding continues until a bid is made that no other bidder is willing to top. Other sources define Brazilian auction as a reverse auction with similarities to Dutch auction. Like in the previous definition, the overall price is constant. But instead of the increasing price as in Dutch auction, the amount of identical items is decreasing. History Brazilian auction as a variation of Dutch auction is introduced by Portum AG for Linde plc in the context of selling gas in Brazil Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest coun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
