{"content":{"sharePage":{"page":0,"digests":[{"id":"48148396","dateCreated":"1323829798","smartDate":"Dec 13, 2011","userCreated":{"username":"slfountain","url":"https:\/\/www.wikispaces.com\/user\/view\/slfountain","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"},"monitored":false,"locked":false,"links":{"self":"https:\/\/mbaeconfall2011.wikispaces.com\/share\/view\/48148396"},"dateDigested":1532762613,"startDate":null,"sharedType":"discussion","title":"review","description":"Kristin put in some nice examples of auctions and used a good reference site of Sotheby\u2019s.  In her mention of the sealed bid auction she mentioned a Vickrey auction, which I didn\u2019t remember hearing or seeing, but explained how it fit in and for whom it was named.  <br \/>\nI found it very interesting that she included statements that auctions were also a way to related information in regards to valuation of items and that they could be used as quick ways to convert assets into cash.  She did also mention that there could be collusion within an auction to artificially increase the value, but the only time it could be used would really be in an English auction.","replyPages":[{"page":0,"digests":[],"more":0}]},{"id":"48138418","dateCreated":"1323820858","smartDate":"Dec 13, 2011","userCreated":{"username":"Matt_Gray1","url":"https:\/\/www.wikispaces.com\/user\/view\/Matt_Gray1","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"},"monitored":false,"locked":false,"links":{"self":"https:\/\/mbaeconfall2011.wikispaces.com\/share\/view\/48138418"},"dateDigested":1532762614,"startDate":null,"sharedType":"discussion","title":"Review","description":"I really liked how clear all of your examples were, it really helped me understand the differences between the different auction types, and why different strategies are practiced at each. I submit quotes to customers as part of my job, and I never really though of it as a type of auction before until I read your post. Nicely done.","replyPages":[{"page":0,"digests":[],"more":0}]},{"id":"47911290","dateCreated":"1323453989","smartDate":"Dec 9, 2011","userCreated":{"username":"MJWagner74","url":"https:\/\/www.wikispaces.com\/user\/view\/MJWagner74","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"},"monitored":false,"locked":false,"links":{"self":"https:\/\/mbaeconfall2011.wikispaces.com\/share\/view\/47911290"},"dateDigested":1532762614,"startDate":null,"sharedType":"discussion","title":"Final Wiki Review","description":"Very thorough and detailed review of the various types of auctions.  I like how you describe the auction, how it works, and provide examples to tie everything together.  Very nicely done.","replyPages":[{"page":0,"digests":[{"id":"47958528","body":"Thank you!","dateCreated":"1323546983","smartDate":"Dec 10, 2011","userCreated":{"username":"kmwesterfiel","url":"https:\/\/www.wikispaces.com\/user\/view\/kmwesterfiel","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"}}],"more":0}]},{"id":"47781326","dateCreated":"1323298013","smartDate":"Dec 7, 2011","userCreated":{"username":"amdevoss","url":"https:\/\/www.wikispaces.com\/user\/view\/amdevoss","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"},"monitored":false,"locked":false,"links":{"self":"https:\/\/mbaeconfall2011.wikispaces.com\/share\/view\/47781326"},"dateDigested":1532762614,"startDate":null,"sharedType":"discussion","title":"Death of Dutch Auctions","description":"<!-- ws:start:WikiTextUrlRule:0:http:\/\/www.business-opportunities.biz\/2009\/03\/09\/ebay-kills-dutch-auctions\/ --><a class=\"wiki_link_ext\" href=\"http:\/\/www.business-opportunities.biz\/2009\/03\/09\/ebay-kills-dutch-auctions\/\" rel=\"nofollow\">http:\/\/www.business-opportunities.biz\/2009\/03\/09\/ebay-kills-dutch-auctions\/<\/a><!-- ws:end:WikiTextUrlRule:0 -->","replyPages":[{"page":0,"digests":[],"more":0}]},{"id":"47716016","dateCreated":"1323225614","smartDate":"Dec 6, 2011","userCreated":{"username":"rakay","url":"https:\/\/www.wikispaces.com\/user\/view\/rakay","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"},"monitored":false,"locked":false,"links":{"self":"https:\/\/mbaeconfall2011.wikispaces.com\/share\/view\/47716016"},"dateDigested":1532762614,"startDate":null,"sharedType":"discussion","title":"Downtown buildings auction exteriors for Super Bowl ads","description":"Here is an article that talks about downtown buildings auctioning their exteriors as advertising space during the Super Bowl.  It sounds like an English auction, but it is highly selective.  You must be an NFL sponsor to bid and your bid may be rejected if your business competes with the business that occupies the building.  Odd stipulations, but I guess that's what goes with sponsorship.<br \/>\n<br \/>\n<!-- ws:start:WikiTextUrlRule:2:http:\/\/www.indystar.com\/article\/20111206\/NEWS11\/111206024\/Indy-buildings-auction-exteriors-Super-Bowl-ads?odyssey=tab --><a class=\"wiki_link_ext\" href=\"http:\/\/www.indystar.com\/article\/20111206\/NEWS11\/111206024\/Indy-buildings-auction-exteriors-Super-Bowl-ads?odyssey=tab\" rel=\"nofollow\">http:\/\/www.indystar.com\/article\/20111206\/NEWS11\/111206024\/Indy-buildings-auction-exteriors-Super-Bowl-ads?odyssey=tab<\/a><!-- ws:end:WikiTextUrlRule:2 -->|topnews|text|IndyStar.com","replyPages":[{"page":0,"digests":[],"more":0}]},{"id":"47667868","dateCreated":"1323187338","smartDate":"Dec 6, 2011","userCreated":{"username":"jhmohr","url":"https:\/\/www.wikispaces.com\/user\/view\/jhmohr","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"},"monitored":false,"locked":false,"links":{"self":"https:\/\/mbaeconfall2011.wikispaces.com\/share\/view\/47667868"},"dateDigested":1532762614,"startDate":null,"sharedType":"discussion","title":"Pawn Shops?","description":"I might be wrong here, but after reading your paper, would pawn shops be considered a type of auction?  There's only one bidder (pawn shop), but they incrementally increase their bid until the seller excepts.  Thought about his while watching the show Pawn Stars...","replyPages":[{"page":0,"digests":[{"id":"47668674","body":"Good question. I think Pawn Stars is more just a negotiation than an auction, but same goal really.","dateCreated":"1323187786","smartDate":"Dec 6, 2011","userCreated":{"username":"kmwesterfiel","url":"https:\/\/www.wikispaces.com\/user\/view\/kmwesterfiel","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"}}],"more":0}]},{"id":"47587588","dateCreated":"1323101564","smartDate":"Dec 5, 2011","userCreated":{"username":"AnqiFang","url":"https:\/\/www.wikispaces.com\/user\/view\/AnqiFang","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"},"monitored":false,"locked":false,"links":{"self":"https:\/\/mbaeconfall2011.wikispaces.com\/share\/view\/47587588"},"dateDigested":1532762614,"startDate":null,"sharedType":"discussion","title":"Winner's Curse","description":"The winner can be said to be &quot;cursed&quot; in one of two ways: (1) the winning bid exceeds the value of the tract, so the firm loses money; or (2) the value of the tract is less than the expert's estimate so the winning firm is disappointed. Notice that 2 can apply even if the winning bidder makes a profit, as long as the profit is less than expected at the time the bid was made.","replyPages":[{"page":0,"digests":[{"id":"47610214","body":"Great point, thanks!","dateCreated":"1323116219","smartDate":"Dec 5, 2011","userCreated":{"username":"kmwesterfiel","url":"https:\/\/www.wikispaces.com\/user\/view\/kmwesterfiel","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"}},{"id":"47667224","body":"Here is a good article on Winner's Curse and a big disadvantage of the first and second sealed bid auctions.  The winning bid is almost always going to exceed the value of the auction.<br \/>\n<br \/>\n<!-- ws:start:WikiTextUrlRule:2:http:\/\/www.beyonddiscovery.org\/content\/view.page.asp?I=3687 --><a class=\"wiki_link_ext\" href=\"http:\/\/www.beyonddiscovery.org\/content\/view.page.asp?I=3687\" rel=\"nofollow\">http:\/\/www.beyonddiscovery.org\/content\/view.page.asp?I=3687<\/a><!-- ws:end:WikiTextUrlRule:2 -->","dateCreated":"1323186947","smartDate":"Dec 6, 2011","userCreated":{"username":"jhmohr","url":"https:\/\/www.wikispaces.com\/user\/view\/jhmohr","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"}}],"more":0}]},{"id":"47584268","dateCreated":"1323099380","smartDate":"Dec 5, 2011","userCreated":{"username":"JasonYoungBSU","url":"https:\/\/www.wikispaces.com\/user\/view\/JasonYoungBSU","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"},"monitored":false,"locked":false,"links":{"self":"https:\/\/mbaeconfall2011.wikispaces.com\/share\/view\/47584268"},"dateDigested":1532762615,"startDate":null,"sharedType":"discussion","title":"Storage Wars","description":"Storage Wars is one of my favorite shows right now, and after discussing auctions in class and reading information you've provided, I'm amazed at the amount of risk the buyer takes bidding with such little information.  Additionally, many of these auctions seem like significant amounts of revenue for the sellers who are likely more than covering their costs of lost fees from those units that have gone unpaid.  The structure of the auctions that forces much information to remain hidden (since they cannot peruse the items within the locker) also seems to give a significant advantage to the seller.<br \/>\n<br \/>\nOf course, we're not seeing the &quot;whole story&quot; broadcast during the show, with many lockers probably selling for next nothing, but the information you've provided definitely puts what we do see into a different light.","replyPages":[{"page":0,"digests":[{"id":"47610178","body":"Storage Wars sounds like a great example, but I haven't actually seen the show.  Is the premise that neither buyer or seller knows what's inside the unit, or does only the seller have the information?  Thanks!","dateCreated":"1323116185","smartDate":"Dec 5, 2011","userCreated":{"username":"kmwesterfiel","url":"https:\/\/www.wikispaces.com\/user\/view\/kmwesterfiel","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"}},{"id":"47614436","body":"It is unclear whether the seller truly knows what is inside the storage unit they are auctioning off due to non-payment.  They make it appear as if they do not.  The buyer is given a fixed amount of time (usually 5 minutes) to view the contents of the unit, but only from outside of the unit and no touching of the contents is allowed.  Sort of what you see is what you bid on.","dateCreated":"1323119281","smartDate":"Dec 5, 2011","userCreated":{"username":"JasonYoungBSU","url":"https:\/\/www.wikispaces.com\/user\/view\/JasonYoungBSU","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"}}],"more":0}]},{"id":"47065466","dateCreated":"1322487288","smartDate":"Nov 28, 2011","userCreated":{"username":"Hornbaker","url":"https:\/\/www.wikispaces.com\/user\/view\/Hornbaker","imageUrl":"https:\/\/www.wikispaces.com\/user\/pic\/1316446772\/Hornbaker-lg.jpg"},"monitored":false,"locked":false,"links":{"self":"https:\/\/mbaeconfall2011.wikispaces.com\/share\/view\/47065466"},"dateDigested":1532762615,"startDate":null,"sharedType":"discussion","title":"Overview Article for Auctions","description":"This is a good overview of the topic.<br \/>\n<br \/>\n<!-- ws:start:WikiTextUrlRule:2:http:\/\/www.econlib.org\/library\/Enc\/Auctions.html --><a class=\"wiki_link_ext\" href=\"http:\/\/www.econlib.org\/library\/Enc\/Auctions.html\" rel=\"nofollow\">http:\/\/www.econlib.org\/library\/Enc\/Auctions.html<\/a><!-- ws:end:WikiTextUrlRule:2 -->","replyPages":[{"page":0,"digests":[],"more":0}]}],"more":false},"comments":[]},"http":{"code":200,"status":"OK"},"redirectUrl":null,"javascript":null,"notices":{"warning":[],"error":[],"info":[],"success":[]}}