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Casual Articles - Game Theory, Nobel Prize, & Auctions - Auction Primer Series - Part 1
Although, most of your traffic will still come from search engines and various online promotions, a little effort using traditional media might also bring a large number of visitors to your website.Reasons, why you should take offline promotion of your website seriously include:Internet is increasingly becoming a part of our daily life. However, still a big segment of the society – especially, the elderly – don’t spend that much of time online. Traditional media is a good method of getting their attention.If a person sees your printed advertisement with your URL in a year-old magazine and gets interested in what you have to offer, he will still be able to check out
http://pages.ebay.com/help/buy/proxy-bidding.html
Amazon.com currently offers a feature for their auctions called “Going, Going, Gone.” The Going, Going, Gone” feature extends the end of an auction for 10 minutes if a bid is placed effectively creating a “soft close”. For more information on the “Going, Going, Gone” feature on Amazon go here. http://www.amazon.com/exec/obidos/tg/browse/-/1161360/103-1666189-8415007#going-gone
From the buyers standpoint a “hard close” forma
Suggestions for Handling Disputes Any conflicts involving customers, employees or suppliers, or a partner, is very disruptive. Disputes and conflicts cannot be allowed to escalate because of the damage they can cause. There are ways of dealing with disputes, to arrive at an agreement or resolution where all parties concerned are satisfied.Here are a few suggestions for handling a dispute: Focus on your long-term interest. Try to find an outcome where your business retains its best interests as its main objective. Don't get obsessed with winning a particular dispute or conflict if that is not necessarily the best position for the business in the long run. William Vickrey, highly regarded as the founder of auction theory, was an economics professor at Columbia University when he published two papers outlining his views on auctions:
"Counterspeculation, Auctions, and Competitive Sealed Tenders", 1961, Journal of Finance
"Auction and Bidding Games", 1962, Recent Advances in Game Theory
In 1996 he received a Nobel Prize “for fundamental contributions to the economic theory of incentives under asymmetric information.” It’s important to understand that asymmetric information is an essential component of auctions, where potential buyers have varying levels of knowledge about the value of the item.
Although Vickrey considered his work on auctions as "one of my digressions into abstract economics, at best of minor significance in terms of human welfare”, to those of us who work with online auctions, much of what he outlined is useful to understanding our marketplace.
Vickrey identified 4 general types of auctions:
English
Dutch
First-price sealed bid
Second-price sealed bid
English Auctions
The most common type of auction is the English Auction, although it may also be known as an ascending price auction. In ascending price auctions each subsequent bid is higher than the previous one. This is the most popular type of auction for single items.
Although traditional ascending price auctions use a “soft close” format - where bidding continues until a final bid is placed, the majority of today’s on-line auction sites use the “hard close” format - also known as a ‘time interval” auction having a set time limit, regardless of ongoing bidding. It’s important to note that in a “soft close” format, bid snipping, that is bidding during the last few seconds or minutes on an item, is eliminated since the auction stays open as long as bids are being made.
In an attempt to minimize bid snipping and provide more of a “soft close” characteristic to their “hard close” auctions, eBay allows bidders to use “proxy bidding”. In proxy bidding, a bidder enters the highest price they are willing to pay for an item when they first bid. The bid begins at the lowest possible level and increases automatically only if their original lowest bid has been beaten. For more in-depth information on the “proxy bidding capability on eBay go here.
http://pages.ebay.com/help/buy/proxy-bidding.html
Amazon.com currently offers a feature for their auctions called “Going, Going, Gone.” The Going, Going, Gone” feature extends the end of an auction for 10 minutes if a bid is placed effectively creating a “soft close”. For more information on the “Going, Going, Gone” feature on Amazon go here. http://www.amazon.com/exec/obidos/tg/browse/-/1161360/103-1666189-8415007#going-gone
From the buyers standpoint a “hard close” format
Promotional products are given away primarily to create and sustain interest in a company’s products and services. They can be the products itself or, and this happens more frequently than usual, specially made products that are imprinted with the company’s name and manufactured exclusively to serve as giveaways.Since promotional products are usually purchased wholesale, even the smallest mistake can land you with thousands of useless giveaways. Thus, before pushing through with the production of your promotional products, make sure first that you’ve considered all the important factors that can affect it.Tip #1 KNOW WHAT CUSTOMERS ARE LOOKING FOR FROM YOUR WHOLESALE PROMOTIONAL PRODUCTSctions, where potential buyers have varying levels of knowledge about the value of the item.
Although Vickrey considered his work on auctions as "one of my digressions into abstract economics, at best of minor significance in terms of human welfare”, to those of us who work with online auctions, much of what he outlined is useful to understanding our marketplace.
Vickrey identified 4 general types of auctions:
English
Dutch
First-price sealed bid
Second-price sealed bid
English Auctions
The most common type of auction is the English Auction, although it may also be known as an ascending price auction. In ascending price auctions each subsequent bid is higher than the previous one. This is the most popular type of auction for single items.
Although traditional ascending price auctions use a “soft close” format - where bidding continues until a final bid is placed, the majority of today’s on-line auction sites use the “hard close” format - also known as a ‘time interval” auction having a set time limit, regardless of ongoing bidding. It’s important to note that in a “soft close” format, bid snipping, that is bidding during the last few seconds or minutes on an item, is eliminated since the auction stays open as long as bids are being made.
In an attempt to minimize bid snipping and provide more of a “soft close” characteristic to their “hard close” auctions, eBay allows bidders to use “proxy bidding”. In proxy bidding, a bidder enters the highest price they are willing to pay for an item when they first bid. The bid begins at the lowest possible level and increases automatically only if their original lowest bid has been beaten. For more in-depth information on the “proxy bidding capability on eBay go here.
http://pages.ebay.com/help/buy/proxy-bidding.html
Amazon.com currently offers a feature for their auctions called “Going, Going, Gone.” The Going, Going, Gone” feature extends the end of an auction for 10 minutes if a bid is placed effectively creating a “soft close”. For more information on the “Going, Going, Gone” feature on Amazon go here. http://www.amazon.com/exec/obidos/tg/browse/-/1161360/103-1666189-8415007#going-gone
From the buyers standpoint a “hard close” forma
We read the Marketing, Media & Advertising publications regularly in vain hope that the troublesome issue of commercial clutter will start to become a major concern within the industry.Yes, we read that there is plenty of news regarding the imminent arrival of yet more clutter! For example "Agencies welcome news of Virgin 1 free-to-air channel""Balloon ads really take off for Ford".Tess Alps saying, "TV's influence on campaigns should be self-evident", which happens to be about as sensible a statement as "Pigs might fly"!May we ask "What about the poor old customer"? Because they are not, obviously taking delivery of all these intrusive commercial messages.The irony is
Although traditional ascending price auctions use a “soft close” format - where bidding continues until a final bid is placed, the majority of today’s on-line auction sites use the “hard close” format - also known as a ‘time interval” auction having a set time limit, regardless of ongoing bidding. It’s important to note that in a “soft close” format, bid snipping, that is bidding during the last few seconds or minutes on an item, is eliminated since the auction stays open as long as bids are being made.
In an attempt to minimize bid snipping and provide more of a “soft close” characteristic to their “hard close” auctions, eBay allows bidders to use “proxy bidding”. In proxy bidding, a bidder enters the highest price they are willing to pay for an item when they first bid. The bid begins at the lowest possible level and increases automatically only if their original lowest bid has been beaten. For more in-depth information on the “proxy bidding capability on eBay go here.
http://pages.ebay.com/help/buy/proxy-bidding.html
Amazon.com currently offers a feature for their auctions called “Going, Going, Gone.” The Going, Going, Gone” feature extends the end of an auction for 10 minutes if a bid is placed effectively creating a “soft close”. For more information on the “Going, Going, Gone” feature on Amazon go here. http://www.amazon.com/exec/obidos/tg/browse/-/1161360/103-1666189-8415007#going-gone
From the buyers standpoint a “hard close” forma
A paid survey is a form of research conducted by a market research firm in order to gather information about a specific product or information. Market research companies pay everyday people small sums of money for their participation in a paid survey.Lately several websites have been popping claiming to pay up to $250 an hour for each paid survey. Advertisements like this mislead people into believing that paid surveys are a way to get rich. The truth is, you can make good money taking paid surveys online. But you will only be paid an average of about $5 per paid survey.Below are the answers to some of the most frequently asked questions about the paid survey opportunity.Are Paid
In an attempt to minimize bid snipping and provide more of a “soft close” characteristic to their “hard close” auctions, eBay allows bidders to use “proxy bidding”. In proxy bidding, a bidder enters the highest price they are willing to pay for an item when they first bid. The bid begins at the lowest possible level and increases automatically only if their original lowest bid has been beaten. For more in-depth information on the “proxy bidding capability on eBay go here.
http://pages.ebay.com/help/buy/proxy-bidding.html
Amazon.com currently offers a feature for their auctions called “Going, Going, Gone.” The Going, Going, Gone” feature extends the end of an auction for 10 minutes if a bid is placed effectively creating a “soft close”. For more information on the “Going, Going, Gone” feature on Amazon go here. http://www.amazon.com/exec/obidos/tg/browse/-/1161360/103-1666189-8415007#going-gone
From the buyers standpoint a “hard close” forma
Flyer printing had tremendously worked to bring in great challenges to all advertisers and business entrepreneurs. This simple material had been proven as marketing tool that aids in establishing a good name for your business whether you are a business starter or a more established one.Flyers are materials that you can easily hand out to target clients. They can be often seen on table tops, racks or even on busy streets. However if your want to keep your materials as attractive and worth keeping as it is, you need to conceptualize unique designs that will truly stand out of the crowd.Basically the following are some tips for a more productive flyer printing production.1.Know who your
http://pages.ebay.com/help/buy/proxy-bidding.html
Amazon.com currently offers a feature for their auctions called “Going, Going, Gone.” The Going, Going, Gone” feature extends the end of an auction for 10 minutes if a bid is placed effectively creating a “soft close”. For more information on the “Going, Going, Gone” feature on Amazon go here. http://www.amazon.com/exec/obidos/tg/browse/-/1161360/103-1666189-8415007#going-gone
From the buyers standpoint a “hard close” format is preferable since they may be able to make a final bid before others can react, possibly winning the auction at a lower price.
For sellers, a “soft close” format provides an opportunity to realize the maximum price for an item by removing the time restrictions for an auction. As long as bidders are bidding the auction remains open.
Dutch Auctions
As you may have guessed, the concept of the Dutch auction originates in the Netherlands. Unlike English auctions which utilize ascending price methods, Dutch auctions are descending price auctions and are commonly used when multiples of the same items are to be auctioned. In a Dutch auction the bidding starts at a relatively high price which is driven progressively downward by bids.
As an example of a Dutch auction let’s say you had 10 items you wanted to sell for $20 each.
Bidder A bids $18 for 6 items
Bidder B bids $17 for 5 items
The final result is:
Bidder A would receive 6 items for $17 each
Bidder B would receive 4 items for $17 each
Please note that most Dutch auctions allow bidders to refuse an order for a lesser number of items than what they bid on. A “soft” or “hard close” format may be used in Dutch auctions although the most common is the “hard close”.
First-price Sealed Bid Auctions
Sealed bid auctions differ from the English and Dutch in as much as the bids are not announced to other bidders. The individual bid is only know to the bidder and the seller. This type of auction may be either buyer-bid, where the highest bidder wins the item and pays the amount of their bid, or seller-bid, where the lowest bidder sells the item and is paid the amount of the bid. This form of auction is common for construction contracting, military procurement, foreign exchanges, and other types of goods.
Second-price Sealed Bid Auctions
Another common name for second-price sealed bid auctions is Vickrey auctions (named after William Vickrey) There is a slight variation to the first-price auction for Vickery auctions. In a buyer-bid auction the highest bidder buys the item and pays the amount of the second highest bid. Or in a seller-bid auction, the lowest bidder sells the item and is paid the amount of the second lowest bid.
The
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