auction

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auction

a (normally public) sale of property usually conducted by competitive bidding where the item auctioned is sold to the person who makes the highest bid. It is conducted by an auctioneer, who is deemed to be the agent of the seller until the hammer falls and he announces the completion of the sale in favour of the highest bidder. Many auctions now take place on the Internet whereby the auctioneer provides the site upon which the goods are advertised.

See MOCK AUCTION.

AUCTION, commerce, contract. A public sale of property to the highest bidder. Among the Romans this kind of sale, was made by a crier under a spear (sub hasta) stuck in the ground.
     2. Auctions are generally held by express authority, and the person who conducts them is licensed to do so under various regulations.
     3. The manner of conducting an auction is immaterial; whether it be by public outcry or by any other manner. The essential part is the selection of a purchaser from a number of bidders. In a case where a woman continued silent during the whole time of the sale, but whenever anyone bid she gave him a glass of brandy, and when the sale broke up, the person who received the last glass of brandy was taken into a private room, and he was declared to be the purchaser; this was adjudged to be an auction. 1 Dow. 115.
     4. The law requires fairness in auction sales, and when a puffer is employed to raise the property offered for sale on bona fide bidders, or a combination is entered into between two or more persons not to overbid each other, the contract may in general be avoided. Vide Puffer, and 6 John. R. 194; 8 John. R. 444; 3 John. Cas. 29; Cowp. 395; 6 T. R. 642; Harr. Dig. Sale, IV.; and the article Conditions Sale. Vide Harr. Dig. Sale, IV.; 13 Price, R. 76; M'Clel. R. 25; 6 East, R. 392; 5 B. & A. 257; S. C. 2 Stark. R. 295; 1 Esp. R. 340; 5 Esp. R. 103 4 Taunt. R. 209; 1 H. Bl. R. 81; 2 Chit. R. 253; Cowp. R. 395; 1 Bouv. Inst., n. 976.

References in periodicals archive ?
Then they defined a double auction Bayesian Game-based pricing model (DABGPM) for the suggested cloud market and discussed how to develop an optimal pricing strategy for this model.
In all sessions, six subjects traded in a computerized double auction market across 27 periods.
The students would later log on from http://veconlab.econ.virginia.edu/login.htm and select the Public Choice Menu.) The other public-choice programs include a common-pool resource game, a public goods (voluntary-contributions) game, rent seeking, and the "volunteer's dilemma." In addition, there are over 20 other programs at this site for those who wish to use web-based experiments in the classroom; these include Monopoly, Cournot, Bertrand, Double Auction, Bargaining, Auctions, Signaling, Trust and Reciprocity, Statistical Discrimination, a flexible matrix game (e.g., Prisoner's Dilemma), and the Traveler's Dilemma, to be discussed in the next section.
Abdolkarim Sadrieh discusses learned behavior of participants in double auction experiments where two different types of bidders arise--moderate and aggressive.
Other than the referendum treatment, the age of the respondent and the version of the script used to describe the oral double auction are the only significant predictors of voting behavior.
"Designing a Uniform-Price Double-Auction: An Experimental Evaluation." In The Double Auction Market: Institutions, Theories and Evidence, edited by D.
Flexible Double Auctions for Electronic Commerce: Theory and Implementation.
We also conducted two markets where subjects with the same cost and demand schedule negotiated via double auction (see section 3).
Costly offers and equilibration properties of the multiple unit double auction under conditions of unpredictable shifts of demand and supply.
This paper reports on a series of laboratory asset markets experiments designed to compare variants of the double auction and clearinghouse trading institutions.
Market A was organized by a (computerized) double auction that fully occupied the attention of the sellers that chose to function in that market so they would not be motivated by boredom to enter market B.
A recent study by Holt, Langan and Villamil [1986] (hereafter "HLV") examines the validity of the Hayek Hypothesis using the double auction institution and a market structure designed to provide a rather difficult test for the competitive model.