Auctions in Theory and Practice
Auctions in Theory and Practice
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DOI:
10.1007/0-306-47568-5_10
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发表时间:
2002
期刊:
影响因子:
--
通讯作者:
William Samuelson
中科院分区:
文献类型:
--
作者:
William Samuelson
Auctions and competitive bidding institutions are important both for empirical and theoretical reasons. Auctions are among the oldest forms of economic exchange. Today, auctions are used in an increasing range of transactions–from online sales via the internet to the sale of the radio spectrum. In the familiar English auction, bid prices rise until the last and highest bid wins the item. The English auction enjoys a secure place in a wide variety of settings: the sale of art and antiques, rare gems, tobacco and fish, real estate and automobiles, and liquidation sales of all kinds. An alternative institution is the sealed-bid auction where the highest bidder wins the item at the named sealed bid. The sales of public and private companies has been accomplished by sealed bids as have the sales of real estate, best-seller paperback rights, theater bookings of films, US Treasury securities, and offshore oil leases. A third method is the “Dutch” auction, used in the sale of a variety of goods but especially in the sale of flowers in Holland. The auctioneer’s initial price is set sufficiently high, and then the price is lowered at intervals. The first buyer who signals a bid obtains the item at the current price. Competitive bidding is also a common means for conducting multiple-source procurements. Here, a single buyer solicits bids from a number of competing suppliers with the objective of obtaining the most attractive terms measured not only in terms of price, but also by product quality, management capability, service performance, and the like. The most common institution for complex procurements is the submission of multiple rounds of sealed bids before the buyer makes a final selection.