L03-Online_Auctions

L03-Online_Auctions - FB2501 Introduction to E-Business...

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FB2501 Introduction to E-Business Lecture 3 Online Auctions
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Learning Objectives Describe the key characteristics of major auction types Describe online auction sites and other auction-related business Explain the winner’s curse as a phenomenon in common value auctions with incomplete information Provide an overview on selling on eBay
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Auctions Overview A buying and selling mechanism in which an item is offered for sale, but does not establish a price. Bidders (the potential buyers) are given information about the item and they bid on that item. Shill bidding Bidding that artificially inflate the price of an item. Prohibited by most (if not all) auctioneers such as eBay.
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Auction Characteristics Ascending Price ________________________________________ ________________________________________ ________ E.g. English Auction Descending Price ________________________________________ ________________________________________ ________ E.g. Dutch Auction
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English Auction
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Dutch Auction
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Auction Characteristics First Price ________________________________________ ________________________________________ ________ E.g. English Auction Second Price ________________________________________ ________________________________________ ________ E.g. Vickrey Auction
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Auction Characteristics Open-Outcry ________________________________________ ________________________________________ ________ E.g. English Auction Sealed-Bid ________________________________________ ________________________________________ ________ E.g. Vickrey Auction
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Auction Characteristics Forward ________________________________________ ________________________________________ ________ Reverse ________________________________________ ________________________________________ ________ Double ________________________________________ ________________________________________ ________ E.g. Hong Kong Stock Exchange
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This note was uploaded on 06/23/2010 for the course MS 2201 taught by Professor Rhrh46 during the Spring '10 term at Howard College.

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L03-Online_Auctions - FB2501 Introduction to E-Business...

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