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Describe the benefits of an auction to the
buyer and the seller.
Step by step
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- PJ has been owning a City Golf, model 2004 for the past 15 years and now plans to sell it. Town auctioneers has offered to sell his car at their next auction. This is the first time PJ is hearing at an auction. PJ has approached you to explain to him what auction means and asked you if he should sell his car on auction or not. Briefly explain to PJUnder what circumstances are the auctions likely to lead to an 'efficient" price for the item being sold?“While auctions are appealing in theory, the challenges of auction design in practice are insurmountable” discuss
- Bill has been adjudicated by the court to be mentally incompetent. Any contract that bill would enter into would be void? True or falseSee attachments for question context. Question: Some people advocated the following modifiction of the auction rule. A bidder cannot bid for only one object, i.e., if at some point in time he withdraws from the bidding race for one object, he automatically withdraws the race for the other object. Every other aspect of the auction, including how prices increase over time, does not change. What should a bidder do if his valuation for the two objects are 50 and 60, respectively? Explain. Does the auction lead to an efficient allocation? Explain.David wants to auction a painting, and there are two potential buyers. The value for eachbuyer is either 0 or 10, each value equally likely. Suppose he offers to sell the object for $6, and the two buyers simultaneously accept or reject. If exactly one buyer accepts, the object sold to that person for $6. If both accept, the object is allocated randomly to the buyers, also for $6. If neither accepts, the object is allocated randomly to the bidders for $0. (a) Identify the type space and strategy space for each buyer. (b) Show that there is an equilibrium in which buyers with value 10 always accept. (c) Show that there is an equilibrium in which buyers with value 10 always reject.
- Examples of tradeoffs that have both monetary and non monetary costExplain Briefly with zero plagiarism In the selling process or in negotiations, who typically has the upper hand, the buyer or the seller?Explain how the strategic choice of reservation price can raise expected profitability yet threaten efficiency in an English auction.
- Auctioneers in the state of Nebraska need to get a license from the State in order to operate. Suppose the license has a one-time fee of $50,000. Once the license is granted, the state of Nebraska allows the auctioneer to sell the license to others at any price. But, if the auctioneer wants to, the auctioneer can give up his/her license AT ANY TIME and get a $40,000 refund from the state of Nebraska. Samantha recently paid $50,000 for the auctioneer’s license but is having second thoughts. So, she spends $5,000 on advertising hoping to get $42,500 for the license. Using all of the information above, what is Samantha’s sunk costs? Using ONLY the ABOVE INFORMATION. Assuming that Samantha has not sold the license yet , do you think the Samantha made a wise move to spend $5,000 on advertising hoping to get $42,500 for the license? Explain why or why not? After a very long wait, suppose Samantha gets an offer of $41,500 for the license. 3. Should Samantha accept the offer? Why or…Explain why a player in a sealed-bid, second-price auction would never submit a bid that exceeds his or her true value of the object being sold. (Hint: What if all players submitted bids greater than their valuations of the object?)The winning bid for a house at a bank auction was $10. But the house was not in good condition. The couple had to pay $65,000 in explicit expenses and spend many months doing the repairs. The time cost or lost wages are $10,000. What is the market value of the house after repairs are done? Explicit expenses = $65,000 Bid = $10 Time Cost (Lost Wages) = $ ? Market Value of House = Y (after expenses & repairs) Y = ?