拍卖概述与主要类型.pptxVIP

ChapterSeventeenAuctions

WhoUsesAuctions?Ownersofart,cars,stamps,machines,mineralrightsetc.Q:Whyauction?

WhoUsesAuctions?Ownersofart,cars,stamps,machines,mineralrightsetc.Q:Whyauction?A:Becausemanymarketsareimperfectanditishardtodiscoverpotentialbuyers’truevaluationsofyourasset.Auctionshelptodiscoverthisinformation.

TypesofAuctionsEnglishauction:bidsarepublicannouncementsbidpricerisesuntiltherearenofurtherbidshighestbidwinswinnerpayshisbid.

TypesofAuctionsSealed-bidfirst-priceauction:bidsareprivateinformationbidsaremadesimultaneouslyhighestbidwinswinnerpayshisbid.

TypesofAuctionsSealed-bidsecond-priceauction:bidsareprivateinformationbidsaremadesimultaneouslyhighestbidderwinswinnerpayssecond-highestbidalsoknownasaVickreyauction.

TypesofAuctionsDutchauction:auctioneerannouncesahighbidandthengraduallylowersthebidfirstbuyertoacceptwinsandpaysthatprice.

ReservePriceAsellerspecifiedbidlevelbelowwhichnosaleismade.

Economists’ClassificationofAuctionsPrivate-valueauctions:everypotentialbuyerknowsforsureherownvaluationoftheitemforsalealltheseindividualvaluationsareindependentofeachother.

Economists’ClassificationofAuctionsCommon-valueauctions:itemforsalehasthesamevaluetoeverypotentialbuyerpotentialbuyersdifferintheirownestimatesofthiscommonvalue.

AuctionDesignGoals:Paretoefficiencymaximizationoftheseller’sprofit.

AuctionDesignParetoefficiency:theitemmustselltothebuyerwiththehighestvaluationoftheitem.WhichauctionsareParetoefficient?

AuctionsandEfficiencyEnglishauctionwithnoreservepricemustbeefficientsince,ifabuyerwithalowvaluationwasabouttobuy,thehighestvaluationbuyerwouldbidhigher.

AuctionsandEfficiencyEnglishauctionwithareservepriceneednotbeefficientsinceifthereservepriceissetabovethe(unknowntotheseller)high