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First Price Sealed-Bid Auction Vs Reverse Auction

SO

Stephanie Olson

Transcript

Stephanie Olson

Discrete Math

10/14/2014

Reverse Auction

  • Get Rid of Overabundance of Object and Sell ASAP
  • Many Sellers and Few Buyers
  • Price Driven Down until Buyer and Seller are Satisfied with the Price

First Price Sealed-Bid Auction

Vs Reverse Auction

Similarities

First Price Sealed-Bid Auction

  • Bidder and Seller
  • Object of Worth

Works Cited

"Auction." Wikipedia. Wikimedia Foundation,

13 Oct. 2014. Web. 13 Oct. 2014.

EconPort - Handbook - Auctions -

First Price Sealed-Bid." EconPort - Handbook - Auctions - First Price Sealed-Bid. N.p., n.d. Web. 13 Oct. 2014.

"Reverse Auction." Wikipedia. Wikimedia Foundation, 13 Oct. 2014. Web. 13 Oct. 2014.

"What Are Reverse Auctions?" What Are Reverse Auctions? N.p., n.d. Web. 13 Oct. 2014.

  • Buyers Examine Object of Sell
  • Buyers Enter Private Sealed Bid
  • Seller Decides What Object is Worth
  • Whoever Bids Equal or Above Sellers Worth Wins

Differences

  • First Price Sealed-Bid Auction is Constantly Being Driven Up in Price
  • Reverse Auction is Constantly Being Driven Down in Price
  • Seller Drives the Auction
  • Buyer Drives the Auction
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