《Ch17Auctions(微观-范里安-(上海交通大学,赵旭)费》-公开课件（精选）.pptVIP

Chapter Seventeen Auctions Who Uses Auctions? Owners of art, cars, stamps, machines, mineral rights etc. Q: Why auction? Who Uses Auctions? Owners of art, cars, stamps, machines, mineral rights etc. Q: Why auction? A: Because many markets are imperfect and it is hard to discover potential buyers’ true valuations of your asset. Auctions help to discover this information. Types of Auctions English auction: bids are public announcements bid price rises until there are no further bids highest bid wins winner pays his bid. Types of Auctions Sealed-bid first-price auction: bids are private infor