Auctions Exam with 100% updated questions and answers 2023/24

Auctions Exam with 100% updated questions and answers Difference between bargaining and auctions -ANS -Bargaining: one buyer; one seller; one deal -Auctions: one seller; many (potential buyers); one deal OR one buyer; many (potential buyers); one deal Types of auctions -ANS English Dutch First price, sealed bid auctions Second price, sealed bid auctions English auctions -ANS -Ascending -Open outcry by bidders until only one bidder is left -Ej: wine, art, most internet auctions Dutch auctions -ANS -Descending -Auctioneer calls out a high price and methodically drops until someone says 'mine' -Ej: Dutch flower markets First price, sealed bid auctions (1st price) -ANS -bidders submit sealed bids -winner is the highest bid -the amount paid is the highest bid -Ej: Buyers' auctions - especially government procurement Second p