Lecture 13 _Mar 4_

Lecture 13 _Mar 4_ - Economics 100A Lecture #13: Thursday,...

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1 Economics 100A Lecture #13: Thursday, Mar. 6 Auctions (§15.5)
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2 Auctions Another mechanism to execute transactions Who wins the item up for sale? How much do they pay? Broad types of auctions Walrasian auction: many buyers, many sellers Simple case: one object, one seller, many bidders, one winner Procurement: a buyer offers to buy from a seller Bidders submit amount they would charge Defense contracts, construction projects, campus vending machines
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3 Examples of auctions Public sellers Federal Reserve sale of Treasury bills and notes FCC sale of radio spectrum for cellular phone and other services Sale of stolen and repossessed property
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4 Examples of auctions Private sellers Sotheby’s auctions of art and antiques eBay’s online auctions of collectibles, etc. priceline.com’s “reverse” auctions of rental cars, airline tickets Google search ads and its stock Corporate acquisitions
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5 online auctions Auction format Time limit (1, 3, 5, 7 or 10 days) Ascending bids (with minimum bid increment) Starting price and reserve price Information Photo of item Bidding history Seller reputation (feedback rating, ID verified) Other aspects Buy-it-now option Payment options Proxy bidding agents
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Lecture 13 _Mar 4_ - Economics 100A Lecture #13: Thursday,...

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