{"content":{"sharePage":{"page":0,"digests":[{"id":"47860624","dateCreated":"1323386010","smartDate":"Dec 8, 2011","userCreated":{"username":"cdmuhlenkamp","url":"https:\/\/www.wikispaces.com\/user\/view\/cdmuhlenkamp","imageUrl":"https:\/\/ssl.wikicdn.com\/i\/user_none_lg.jpg"},"monitored":false,"locked":false,"links":{"self":"https:\/\/mbaeconfall2011.wikispaces.com\/share\/view\/47860624"},"dateDigested":1532762636,"startDate":null,"sharedType":"discussion","title":"Summary","description":"The blog is a discussion of the different types of auctions and in informative on the subject.  It touches on a number of different types of auctions, which I am not familiar with.  I am used to a few of the types of auctions from different fund raisers, but it was interesting to see the differences.","replyPages":[{"page":0,"digests":[],"more":0}]},{"id":"47856932","dateCreated":"1323382613","smartDate":"Dec 8, 2011","userCreated":{"username":"maysen1975","url":"https:\/\/www.wikispaces.com\/user\/view\/maysen1975","imageUrl":"https:\/\/www.wikispaces.com\/user\/pic\/1317587185\/maysen1975-lg.jpg"},"monitored":false,"locked":false,"links":{"self":"https:\/\/mbaeconfall2011.wikispaces.com\/share\/view\/47856932"},"dateDigested":1532762636,"startDate":null,"sharedType":"discussion","title":"Summary","description":"This paper discusses auctioning mechanisms.  In the case of large firms choosing to sell of all or part of their firm they may hire an investment company to handle the sale.  The four main types of auctions are:  English Auction, First Price (sealed bid), Second Price (sealed bid), and Dutch auction.  <br \/>\n<br \/>\nAn English auction is what we typically think of as an auction.  Buyers place bids at the same time and the highest bidder wins.<br \/>\n<br \/>\nFirst Price, sealed bid is when bidders write their bid and do not know what other bidders are submitting.  At the end of the auction all the bids are compared and the highest bid wins.  Also known as a silent auction.<br \/>\n<br \/>\nSecond Price, sealed bid is like the first price sealed bid except the highest bidder wins, but only pays the price of the second highest bidder.<br \/>\n<br \/>\nDutch auction is where the seller starts high and goes down until someone is willing to pay that price.  This is typically done in the Netherlands to auction tulips.  Also mentions that bids are confidential and you do not know any information on the other bidders.<br \/>\n<br \/>\nThe author discusses how it is important to do your research before bidding to know the value of the item you are bidding on.  Buyers use independent private values, affiliated value estimates and common values.<br \/>\n<br \/>\nBuyers want to avoid the winners curse \u2013 indicating that buyers tend to overpay for the item that they win.  Buyers should evaluate the item and bid below what they think the value is.<br \/>\n<br \/>\nThe auction process for Mediq Inc is discussed.  They authorize the sale in October 1997 through Salomon Smith Barney with the conclusion in January 1998 when they announce a merger for $526 million.","replyPages":[{"page":0,"digests":[],"more":0}]}],"more":false},"comments":[]},"http":{"code":200,"status":"OK"},"redirectUrl":null,"javascript":null,"notices":{"warning":[],"error":[],"info":[],"success":[]}}