Essay | Economics homework help


Auctions can be an important tool for selling goods and  gathering   information. Auctions are used in multiple venues including  agriculture, eBay,   and distressed asset sales. The seller does not have to worry  about estimating   demand and setting a price because the demanders will do that  through the   auction process. 

Write an essay examining the value of auctions in the  economy by addressing   the following items. 

  •    Explain   the difference between oral auctions and second-price        auctions, including how   they work and their results. 
  •  Use   the expected value information to illustrate how having more        bidders in an   oral auction will likely result in a higher winning bid. 
  •  Explain   how the number of bidders in a common value auction affects        the outcome of the   auction. Relate this to the effect on price in different        market structures   based on the number of producers. 
  •    Auctions   lead to outcomes where buyers reveal their value for the        products being   auctioned. To successfully price discriminate, firms often        rely on buyers   revealing their value for products. Explain the conditions        necessary for firms   to be able to price discriminate. 

Your essay must be at least three pages in length (not  counting  the  title and references pages) and include at least three  peer-reviewed   resources.  Adhere to APA Style when writing your essay, including  citations   and references  for sources used. Be sure to include an introduction.  Please   note that no  abstract is needed. 

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