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The theory and application of auction theory in context to British car auctions (BCA) - Essay Example

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Auctioning has been a practice that has existed with humans for a very long time. In some archaic cultures we read of how when a lady was due for marriage, a special wrestling contest was organised for all men who were interested in the lady so that the winner was the man who married the lady…
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The theory and application of auction theory in context to British car auctions (BCA)
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Download file to see previous pages These were informal forms of auctioning. Though this may sound absurd, they indeed held the basic principles of the aims and objectives of auctions that we have today. Today, auctions are specially organised as a system of trade for a number of aims and objectives including the ones listed below.
1. To ensure that only serious minded investors approach trading products and services
2. To create best value for products and services that are being traded
3. To ensure and enhance openness with the terms of sale of products and services to the public
4. To help bidders have a fair idea of their rates as compared to other bidders
5. To speed up the trading off process of a given product or service.
Because auction is a universal or global practice, it is associated with a number of generalised assumptions that have been accepted even in academic cycles. These general assertions on auction have come to be known as auction theories and they come in different forms and types. Four of these are briefly explained below with examples.
Ascending Auction: As the name suggests, there is ascension in the price of the product and the ascension is determined and commissioned by the auctioneer. Commonly known as the British auction, the auctioneer ‘separates the boys from the men’ (reduces the number of bidders) by increasing the price of the product.
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These were informal forms of auctioning. Though this may sound absurd, they indeed held the basic principles of the aims and objectives of auctions that we have today. Today, auctions are specially organised as a system of trade for a number of aims and objectives including the ones listed below. 1. To ensure that only serious minded investors approach trading products and services 2. To create best value for products and services that are being traded 3. To ensure and enhance openness with the terms of sale of products and services to the public 4. To help bidders have a fair idea of their rates as compared to other bidders 5. To speed up the trading off process of a given product or service. Establish and explain main assumptions of auction theory Types of Auction Because auction is a universal or global practice, it is associated with a number of generalised assumptions that have been accepted even in academic cycles. These general assertions on auction have come to be known as auction theories and they come in different forms and types. Four of these are briefly explained below with examples. Ascending Auction: As the name suggests, there is ascension in the price of the product and the ascension is determined and commissioned by the auctioneer. Commonly known as the British auction, the auctioneer ‘separates the boys from the men’ (reduces the number of bidders) by increasing the price of the product. By so doing, bidders will keep falling off the bidding proceed in order that the opportunity will come to rest with only one bidder, who for the sake of the increasing nature of the bid would come to be known as the highest bidder. This is a prominent form of auction as the Auctus Development Incorporated (2009) notes ...Download file to see next pagesRead More
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