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What is an Auction?
Auction is a process of buying and selling goods by first inviting bids, taking note of bids received, and then selling the item to the highest bidder.
Auction Variations
- Imposition of time limits
- Minimum and maximum limits on bid values
- Nature of valuation functions for each bidder
- Imposition of time limits
- Goal : Maximize profit to auctioneer
Examples where Auctions are appropriate
- Traditional uses
- Livestock, horses, wool, commodities
- Dairy foods
- Modern uses
- Spectrum auctions in telecom
- Debt auctions by banks
- Auto auctions
- Electronic sales through eBay