Auction & Vickrey

Business & Finance, Economics, Theory of Economics
Cover of the book Auction & Vickrey by Hak Choi, Hak Choi
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Hak Choi ISBN: 1230002363967
Publisher: Hak Choi Publication: June 8, 2018
Imprint: Language: English
Author: Hak Choi
ISBN: 1230002363967
Publisher: Hak Choi
Publication: June 8, 2018
Imprint:
Language: English

Auction aims for highest possible price, but economists made two wrong extensions. Some thought the price can be indefinitely increased according to demand; some recommended discount to the successful bidder. The former mistake stems from the misunderstanding that the vertical line is a supply; while the latter is actually the result of too much supply (it is not auction any more). When some scarce resource is auctioned, it may bring in revenue for a government. But, if the price is set too high that leaves no profit margin to the bidders, no one will want the auctioned objects. The results are: 1. shortfall of revenue; 2. resource wastage; and 3. downfall of the government.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

Auction aims for highest possible price, but economists made two wrong extensions. Some thought the price can be indefinitely increased according to demand; some recommended discount to the successful bidder. The former mistake stems from the misunderstanding that the vertical line is a supply; while the latter is actually the result of too much supply (it is not auction any more). When some scarce resource is auctioned, it may bring in revenue for a government. But, if the price is set too high that leaves no profit margin to the bidders, no one will want the auctioned objects. The results are: 1. shortfall of revenue; 2. resource wastage; and 3. downfall of the government.

More books from Hak Choi

Cover of the book 經濟泡沫 by Hak Choi
Cover of the book Bargaining by Hak Choi
Cover of the book 「一般」都不「均衡」 by Hak Choi
Cover of the book 個體經濟學 by Hak Choi
Cover of the book Re-Switching Production by Hak Choi
Cover of the book 名目利率與費石 by Hak Choi
Cover of the book IPO: Untold by Hak Choi
Cover of the book 3D 經濟學(中) by Hak Choi
Cover of the book 利率理論 by Hak Choi
Cover of the book Depreciation and the Currency Wars by Hak Choi
Cover of the book 經濟循環: 不可告人 by Hak Choi
Cover of the book Ricardo: Untold by Hak Choi
Cover of the book 契約理論 by Hak Choi
Cover of the book 突破經濟不成長 by Hak Choi
Cover of the book 人職匹配理論 by Hak Choi
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy